A question that often comes up with new buyer clients is, “how long does it take to buy a house?” Well, the truth is it all depends on a number of factors. Keep in mind that we are assuming you have taken the necessary steps to get a mortgage pre-approval, you know what you want, and you have chosen to work with great realtors…like us! 🙂
No one wants to take months or even years to buy a house. This can be a fun experience, one that is filled with hopes and dreams. It’s our job to fulfill your dreams. Here are some aspects that can impact how long it takes to buy a house in Toronto.
Time of Year
The time of year is hugely influential in terms of how long it takes to buy a house. Say, for instance, that you begin looing the first week of December. The reality is very little, “quality and selection” will exist as most sellers are focused on the holidays. In this case, you will be in a holding pattern until the third week of January when our “Spring” market kicks off. As the months go by, there will be more and more product coming to market. The same goes for beginning a search the third week of June, and it’s unlikely many houses will come available until the second week of September (condos are more readily available during the summer.)
Competition For Homes
Toronto has had bidding wars for the better part of 12 years. If the house you want is also garnering the attention of other buyers, then the chances are the house could go into “multiple offers” whereby making it more challenging to win the house on offer night. Depending on how excellent your realtor is, how committed you are to purchasing and the strength of your financing you may succeed quickly, or this could drone on and one for months (Not with our clients, though! We guide them well and tell them what they need to know in order to win the house that they love!). We hear the horror stories from time to time when people took months and 5+ offers in order to succeed. In most cases, this is unnecessary, you need a professional realtor.
Courage To Offer
It takes courage to make an offer on a house. Being honest with your realtor about the questions and concerns that you have will go a long way to helping you get the home you love with your first offering. When the time comes to making the offer, it’s important that you have a realtor that helps to make the process clearer and easier, addressing any nerves that arise. The next step is to step into action with courage and make that offer. If you don’t act, then you won’t know whether you could have won the house. Holding back in any way will ensure it takes longer to buy a home.
Trusting A Great Realtor
Trust. Hire someone you trust. Many people don’t hire a realtor they really trust. They may have “hope” that it works out okay, but hope and trust of a pro are very different! We regularly hear issues from the public, stories of delays, unreasonable stress and heartache. It simply isn’t necessary. Hiring someone you trust who is a proven professional will alleviate most issues that arise in real estate. We see this ALL THE TIME. Deals fall apart when agents don’t have the necessary experience. Sadly, the loser in this is the buyer, the one who fell in love with the home.
Winning Offer Through To Closing
Congratulations, you bought the house you love! Now the next steps click into place. A typical closing is 45 days in today’s market. That is to say that 45 days after the offer is accepted, the house will “close” and you will be given the keys and full access.
All toll this could take as little as 2 months from search to close if you find your dream home and your realtor is a pro. Otherwise, it is not uncommon to look at 4-6months from start to move in.
