If you’re thinking about buying a home, it can be helpful to understand just how long the process will take, as this will allow you to plan accordingly and start the buying process at the right time. Though the average time is a few months, each case is different. Follow this timeline to see how long it could take you to buy a penthouse, loft, or condo in downtown San Diego.
Going Through the Preapproval Process
Being preapproved for a mortgage isn’t technically necessary, but it shows you’re serious about buying the home. In a hot real estate market like downtown San Diego, it may be easier to get your offer accepted if you’re already preapproved. A preapproval is also useful because it tells you exactly how much you can spend. Typically, you can get preapproved within three days of sending the lender your income and asset history. However, you may want to interview multiple lenders, and it may take a bit of time to collect all the documents they need. Therefore, it’s best to plan on spending at least a few weeks getting preapproved.
Finding a Home
Finding a home you actually want can take a day or a few months, depending on your needs, the time of year, and the local housing market. You should expect to spend a bit of time looking at listings online before taking an hour or two to check out each listing you like. On average, most people take somewhere between three to six weeks. You may find the process goes more quickly with a real estate agent, since the agent can arrange showings for you and call attention to listings you might like.
Negotiating for the Home
Once you pick a home you want, you’ll need to negotiate a contract. Start by having your agent send the seller an offer. The seller will have up to 72 hours to respond. It’s common for sellers to send back counteroffers with their negotiating terms, which buyers can accept, decline, or counter. It may take up to 72 hours for a seller to reply to each new offer. In most cases, once you agree on a price with the seller, you’ll move into a 10-day inspection period. During this time, you can get the home inspected. If anything problematic shows up, you can back out or ask for repairs.
Closing on the Home
Most closing dates are set for 30 to 45 days after the offer is accepted to allow time for the lender to finalize the loan. Even if you’re preapproved, the lender will need to assess the home’s value and confirm the loan. Once this is done, you’ll fill out all the paperwork and transfer all the funds before closing. After the documents are signed at closing, the home will officially be yours.
When you’re considering buying San Diego real estate, downtown is the place to look if you want the excitement, variety, and convenience of urban living. Trust the experienced real estate agents at 92101 Urban Living to help you find the downtown home that’s just right for you. Give one of our team members a call today at 619-649-0368.