It might not seem like it while writing this article, but SPRING IS IN THE AIR! Or at LEAST in the real estate market! In the REAL world, selling or buying a home takes time, more than most people can imagine!
For Buyers, the process generally starts with talking to an agent who advises them to contact their favorite lender or refers them to one. By the time a Buyer gets pre-qualified or pre-approved for a loan and then starts a search with their agent, at least a week goes by. With the lack of inventory and multiple offers still being placed on homes, it’s imperative that the buyer and agent jump on every potential prospect within hours if not a few days of it hitting the market. Let’s presume it takes at least a month to find an appropriate property and negotiate an acceptable purchase agreement. Now you’re at the 5-week mark. With inspections, possibly repairs, appraisal and final underwriting, figure on negotiating at least 4-6 weeks for the transaction to close, and normally at least a week until possession. So, you can presume as a Buyer that the whole process will take at least 7-10 weeks.
The process is generally a little faster for Sellers. IF the home is priced appropriately (i.e. not overpriced), it could potentially be under contract within a week or two, sometimes much sooner. Once an offer is accepted, closing is likely 30-45 days later, depending on the Buyer’s loan and what was negotiated within the contract. IF the home is not vacant, possession takes place within the timeframe negotiated in the contract, or right after closing if it is vacant.
And currently, inventory is tight, very tight! IF you have a home to sell, don’t wait! Even if you’re looking to up-size or down-size and are afraid of not finding your next home, you can still list your current home. In this case, your agent can agree to say on the MLS …..”contingent upon Seller finding home of choice and is actively looking”. If an offer is made, Buyers/Sellers can negotiate time-frames for the Seller to get their next home chosen and under contract.
So, if you want to plant your flowers, set up your backyard or paint those rockers to put on your new front porch in time to enjoy summer, NOW is the time to start looking! And as always, don’t do it alone! Call your favorite REALTOR® and lender SOON to get started! And don’t worry, Spring is on the way! In the meantime, throw another log on the fire. It’s Ohio. Blink and the weather may change!
Published in Louisville Neighbors FEB 2025
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