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Hey there, Jeb Smith again, Coldwell Banker Residential Brokerage in Huntington Beach. Today we’re going to talk about how long it takes to purchase a home. So often, again, working with buyers in the business and one of the questions that comes up is how long does it actually take to close on a home? How long does it take to buy a home? And that changes in every market. The easiest question is it takes 30 days, right? I mean, most escrows, once you get into escrow, I would say the average is around 30 days. But that number can change anywhere from 10 days up to 60, 90 days, depending on what you’re trying to accomplish within the process.
So once you get into escrow, I would say the average is about 30 days. It may take you six months to go through that process of finding the right house, but once you go into escrow, typically the answer is 30 days. Depending on if it’s a seller or a buyers market may dictate how long of an escrow that you actually ask for with regards to buying a house. In markets where buyers are in control or it’s an even market, I would say that it’s kind of on the buyers side to pick the escrow, so somewhere between a 30 and 45 days escrow is pretty normal.
If it’s a sellers market, depending on what the seller is trying to accomplish, sometimes they have a property, sometimes they are contingent on selling that property to buy something else or to find a replacement property, so those escrows can actually take a bit longer, depending on how far they are into the process of actually looking for their replacement home. So sometimes those can take 60, 90, 120 days depending on what is actually being done there.
So, you know, it’s not just a clear cut answer, but I would say most of the escrows I do are somewhere around 30-45 days with more leaning towards 30 days. So, in order to buy a house, once you find that property, put in your offer, you’re looking at somewhere around 30 days from the time that you go under contract to the time that you close on that property, so one month. But clearly, if you’re looking for a longer escrow or a shorter escrow, you could put that into the contract and have the other side respond accordingly.
So I hope that answers your question. But, if you have additional questions, feel free to reach out to me directly. Check out my other videos here on YouTube and always appreciate you taking the time to watch. Talk again soon, bye-bye.
In this video, I discuss the most common time frame with regards to purchasing a home? The answer can be different depending on what you mean by the question but in this video, I’m referring to the time it takes once you open escrow on the home.
Other videos you might find helpful:
May 2019 Orange County Real Estate Market Update: https://youtu.be/Za9sxP3jqjM
Appraisal vs. Home Inspection: https://youtu.be/cwjokWbr1Go
Connect with me:
If you would like more specific information about your home, please contact me directly at 714.376.2711 or firstname.lastname@example.org.