If there is one question I get most from my first time home buyer clients, it's this: "How long does it take to buy a home?"

Unfortunately there is not necessarily a hard and fast answer I can give that applies to all buyers.  The home buying process in Boston can vary so much person to person and home to home, so there are few purchases, if any, that follow the exact same time frame.  At Charlesgate Realty, we had one client start their search and be moved into their brand new home all within 3 weeks and we've had another that took 3 years of pretty consistent home hunting before closing on a new home.  And, of course, we've had everything in between as well.

That being said, there is a process to buying a home.  There are steps along the way, some can happen simultaneously, while others must follow in progression.  These steps are detailed in the Home Buying Timeline document pictured to the right (download it by clicking the graphic).

The biggest variable in terms of the home buying timeline is how long you to search in order to identify the home you want to buy.  According the the National Association of Realtors Home Buyer Survey in 2008, the average buyer actively searched for 10 weeks prior to identifying a property to buy, and viewed an average of 10 homes total over that period (and that's usually after a while of searching for homes online).  There is a lot of variability in that, of course.  For example, we worked with a couple relocating to Boston, who were visiting for a few days and needed to locate a home that would be ready to move into when they came back for their job start date.  After a whirlwind tour of 25 homes over a long weekend, they had an offer drafted minutes before they boarded their flight at the airport!  The bottom line is that there is no rush if you want to take it slow but we can also move the process along as fast as possible if you're under the gun for some reason (like relocation).

Generally speaking, after the search phase, from the point when you identify a property you would like to buy, it is about a 6 week process to buy.  During that time there are 4 main steps:

1. The Negotiation

Typically taking 1-3 days (although these days given conditions in the Boston real estate market, extended negotiations seem to be the norm!), you submit your offer to purchase and negotiate with the sellers all the nitty gritty contract details.  (In case you're wondering about negotiating tactics, start with these 5 questions).

2. Due Diligence

Once negotiations are complete, things kick into overdrive for a period of about 10 to 14 days.  During this time, you'll have your home inspection, review the financial and legal records of the association (if you're buying a condo), communicate with your lawyer about the full purchase contract (P&S agreement) details, and start the next step....

3. Obtaining the Mortgage

By this point you would have already been preapproved for a mortgage, but now you'll be completing the full loan application, providing your mortgage rep with all necessary verification documents (tax returns, etc), and officially deciding which loan program to go with.  The bank will review your documents, have an appraisal on the property completed, and finally approve your loan (hopefully!) in about 2-3 weeks.

4. The Closing

The closing is scheduled at the convenience of both parties - the buyer and the seller - and is part of the negotiation process at the beginning to decide on an acceptable date.  Generally 4 weeks or so after the purchase contract is signed, which gives give the bank enough time to approve and fund your home loan, and gives the closing attorney enough time to verify clear title for the property. 

That brings you to about 6 weeks from the initial offer, plus the search time prior to that, in total to purchase your new home or condo.

Buying a home can be a long and complex process with a lot of steps along the way - but it doesn't have to be difficult or stressful!  Hopefully this info explained the basics of the process and gave a ballpark time frame to purchase.  Part of my job as a buyer's agent is to fully educate my clients on the home buying process in Boston and on the Boston real estate market conditions to protect them from potential pitfalls and delays along the way.  If you are thinking of buying a home or condo in Boston, I'd be happy to answer any questions you may have.  Just contact me or comment below!

And don't forget to download the Boston home buyer timeline!