When to Start Looking at Real Estate Listings

From career changes to relocations for retirement, economic, or family reasons, America is on the move. According to the 2010 census, approximately 40 million of us, or about 14% of the population, relocates annually. If you have a move on your horizon that will include a home purchase, you’ll want to consider how much time you should allow for a smooth transition.

Of course the length of time you should allow yourself to find a home will depend on your individual situation. Will you need to sell your current home before beginning to look for your next residence? Factors such as current lease agreements, new job starting dates, and if you have children-the school schedule, are all things that must be taken into consideration.

As soon as you have the slightest inkling that a move to a new home is in the works is the time to start looking. This is especially true if you are relocating to a new city or state. There is a lot of research involved, even before you track down your ideal neighborhood. Of course, some companies offer excellent guidance when relocating new or transferring employees and their families. However, a home purchase is such a big step, and you will want to learn as much as possible about your future location. You'll also want to speak with a licensed mortgage professional to get pre-qualified for your home financing. Once, you've located the property, you'll want to go one step further and get a mortgage pre-approval. This extra step will help provide some added weight behind any offers you may make.

Finding the right home is often not the stress producing, and time consuming part of buying it. The closing process is! The typical length of time to close on a house is 45 to 60 days from the acceptance of the offer to the closing. Since closing on a home requires many stages, one glitch is all it takes to slow things down. Buyers have to go through numerous steps such as appraisal, inspections, repairs, insurance, and unless they are paying cash, loan approval. Even small delays can postpone the closing and ultimately, the lender determines that date.

So, what’s a buyer to do when things do not go according to schedule? Think ahead and prepare for the worst-case scenario. If you have a home sale in the works, make contingency plans. If not, look into temporary housing, just in case. Should this happen, use the time wisely as you wait for the closing to finish up. Go forward with a positive attitude and enjoy not having to move in a rush. If you have to commit to a month or more in a transitional residence, why not consider having some painting, landscaping, or home improvement projects done on your future home, so it will be picture perfect when you move in?

Other Related Posts and Resources:
Preparing for the Mortgage Process
Mortgage Closing Costs - Most and Least Expensive States
USDA Rural Housing Loan Basics