Home buyers spend an average of five months searching for a house before they finally make a purchase, according to a new report from Realtor.com.
The report found that most buyers (57 per cent) start their search online, and most continue to use the internet throughout the process. Buyers also use word-of-mouth recommendations and work with real estate agents to find homes.
The report said that the average buyer looks at ten homes before making an offer. And once an offer is made, it takes another month, on average, to close on the sale.
There are a few things that can speed up the home-buying process, the report said. For instance, buyers pre-approved for a mortgage and have a down payment saved up tend to move faster than those who don’t. You may also need an Adelaide home conveyancer when buying a house.
If you’re in the market for a new home, here are a few tips to help you move through the process quickly:
Get pre-approved for a mortgage. This will show sellers that you’re serious about buying a house and help you move when you find the right one.
Have your down payment saved up. Many sellers won’t consider offers from buyers who don’t have at least a 3 per cent down payment saved up.
Work with a real estate agent. A good agent can help you quickly find homes that fit your budget and needs.
Be flexible on your must-haves. The more flexible you are on location, number of bedrooms, and size, the easier it will be to find a home.
Be prepared to move fast. Once you find a house you’re interested in, be ready to make an offer quickly. If you’re not pre-approved for a mortgage, this could mean getting your finances in order on short notice.
The report offers advice for those looking to buy a home shortly: be prepared to move quickly.
“The key to success in today’s market is to be prepared to move fast when you find the right house,” said realtor.com Chief Economist Jonathan Smoke. “With inventory levels at record lows, buyers need to be ready to make an offer immediately when they find a home that meets their needs.”
If you’re thinking of buying a home, the report’s authors say you should start by getting your finances in order. That means getting a pre-approved mortgage and saving up for a down payment.
You should also research different neighbourhoods and have a realistic idea of what you can afford. Once you’ve found a few homes you like, it’s important to move quickly – especially if there are other interested buyers.
“The best way to win in a bidding war is to be the most prepared and have your financing lined up,” Smoke said. “You also need to be comfortable with the idea of paying more than you originally planned.”
Buying a home is a big decision, and it’s important to do your research before making an offer. But if you’re prepared to move quickly, you could find yourself in your new home sooner than you think. You can contact an Adelaide home conveyancer to make things quick.