On average, it takes clients anywhere from 6 weeks to 9 months to buy a home. It all starts with arranging financing, finding a home, and finally closing on that home. If you are extremely organized with your finances, and you find a home within a couple weeks, you could be moving within 6 weeks of starting your search. But in reality, most people take around 3-6 months from start to finish.
How Long Does It Take To Arrange Financing: 2 weeks
The first step to buying a home is getting a preapproval. This can take anywhere from a few days to a few weeks, depending on how organized you are. You need to provide a lender with:
- Proof of income, pay stubs and an employment letter
- Proof of assets
- Two-years of tax returns
- And, a copy of your ID and Social Insurance Number (SIN) — never send these documents through email or fax.
- If you do not have two years of tax returns because you are newer in the country, you can still qualify for a mortgage with as little as 6 months of income and statements (But with different terms and potentially a slightly higher interest rate).
Finding The Perfect House: 1-5 Months
In cities like Toronto, Mississauga, Oakville, and Burlington, we consistently have a shortage of houses for sale. Even if you dedicate all your free time with finding a home, it might still take a few months to find the right one. In reality, it takes buyers a few months to first narrow down where they want to live, learn the value of homes in today’s market, and then place an offer on a home.
We always say, you are only ready to buy a home once you walk through the threshold of a home and know that it’s priced well, and that the home will suit your needs for the next 5 years. At that point, you won’t get buyer’s remorse with your purchase.
Once You’ve Found The Perfect Home: 2 Months Average
Once you’ve found the perfect house, the offer negotiations start. After negotiating a fair offer, it’s then time to satisfy the conditions of the offer. Usually, buyers have 5 business days to take the offer to their lender and confirm the lender will finance that specific home. Now’s also the time to have a home inspector walk through the home.
The average move-in date is around 2 months from offer negotiations, however, you can sell and move in as quickly as a week and a half. But your lawyer will complain.
These are just general guidelines. The real estate market is a complex mechanism, and every single sale is unique. We’ve helped buyers impromptu purchase their dream home, which they pass on their weekend drive in the country. We’ve also had clients purchase homes and move in within 2 weeks. When you’re thinking of moving, you need to be ready and have a good realtor you can call on. Someone on our team is always on call for our clients, and future clients; if you’re thinking of making a move, contact us today.
