A common question these days is how long does it take to buy a house in Kansas City? Unfortunately that’s a difficult question to answer and depends on a lot of different factors. There are so many different variables that come into play when buying a house. Things such as local market conditions, how picky a buyer is, how strong the buyer’s offer is, and how good the buyer’s agent is – that it’s difficult to predict with much accuracy. But we can arrive at a pretty decent estimate of the average time by breaking down the process into its constituent steps. Read on, then, to answer the question of how long does it take to buy a house in Kansas City.
Overview of the House-Buying Timeframe
First lets take some time to disuss the hous buying process in Kansas City so that you can start to get a general idea of the timeframe.
- This step gets skipped by so many people and doing so ends up delaying the home buying process. The first thing you need to do is get a pre-approval for a mortgage. This step can be done most times in a day.
- Once you get your pre-approval in hand you’ll have a clear idea of what you can afford and that’s where the fun begins. Once you know how much you qualify for you can start house hunting. On average a home buyer wil tour nine homes over an 8 week period before they find the right home.
- Once you find the ideal home, then it’s time to work with your agent and make an offer. After your offer is submitted and if you get your offer accepted it takes an average of 49 days before you can close and move in.
“With these estimates, you can move into a new home in four months or less.” But it can and often does take much longer, and occasionally it happens more quickly. “These timeframes can vary, as some lenders close quicker, some buyers take longer to choose a home, and some sellers take longer to accept an offer.”
Steps in Buying a House and Time for Each
To get a better understanding of the timeframe it takes when buying a house in Kansas City, let’s breakdown the process into steps to understand how long each one takes.
Planning to Buy in the Early Stages
In order to really understand how long does it take to buy a house in Kansas City, you need to know that the buying process starts way before you actually start shopping. There is usually a time period at the start where you start thinking about the idea and then you start working out the steps to get ready to buy a house. Sometimes this process starts 6 months or more before house hunting actually begins.
Selecting a Lender
When you finally decide that you are all in and that you want to buy a house, you need to shop for a mortgage lender. This is a very important first step because a lender is going to help yo choose the right loan product that fits your needs the best. They will work with you to pick the type of loan, the downpayment your are comfortable with and even help you raise your credit score if necessary.
This step is usually completed in one to a few days. But for first-time buyers who are utterly unfamiliar with the process, it can take much longer.
Getting Pre-approved
After you decide which lender you are going to work with, the next step in the process is the get a pre-approval. This step usually doesn’t take very long, but you’ll need some time to fill out the application and gather all of the documents the lender may need to determine if you qualify for a loan. Having a pre-approval in hand is necessary if you want to be considered a serious buyer by sellers.
Finding a Good Agent
Another thing that you can do at the start of your home search journey is to find a good real estate agent. A good agent will help you find the right home. They will work on your behalf to schedule home showings, write offers, negotiate the deal, and get the house to closing. An experienced agent not only knows how to help you buy a house, but is also an expert in the area and can provide information about the various neighborhoods and the market.
It’s going to be very important that you find the right agent and this can usually take a few days. To find out more about this step, you can contact a Kansas City agent at (913) 708-1185.
Shopping for the New House
This is the stage in buying a house in Kansas City or anywhere else where things get serious. The average timeframe here is about eight weeks.
Before you go out and spend all sorts of time looking at houses with your agent, it’s going to speed up the process if you have an idea of what you want in a house. If you really don’t know what style of home you want, going out and touring a few homes can be very helpful in helping you make this decision. Keep a list of your must-haves, nice-to-haves, and deal-breakers. This can save you time touring and helps you make your final housing decision.”
Making an Offer
Making an offer is quick and takes only a day or so, but that’s not the end of it because it will also involve the negotiating process. Often, the seller will reject your offer or make a counteroffer, and then you and your agent will make your own counteroffer. And this back and forth may continue for some time. And then there are the contingencies to hammer out and negotiate, which adds even more time.
So the offer stage can drag on for weeks. To expedite things here, be sure to lean on your Kansas City agent’s expertise. To discover more about this, just call (913) 708-1185 is one of waiting on your part while the loan is processed and underwritten and the title search is conducted. It can take one to several days.
“Loan processors comb through your mortgage application and ensure they have everything needed for full mortgage approval. Next, the application goes to the underwriter for verification. Underwriters look for inconsistencies in your credit report, credit score, and property details. If anything comes up, the underwriter will reach out with questions.”
In addition to the home appraisal and inspection, there will also be a title search. “Title companies perform a title search to determine who owns the property for sale and has the right to sell it. They’ll also look for an easement or right of way that may prevent you from completing projects, like installing a pool. The end goal is to ensure the seller has the right to sell the home, and protect the buyer’s future ownership.” And this can add days to weeks to the timeframe.
Closing
This is the final step in the process and typically takes about three days. “When the closing reports are complete, you’ll receive a closing disclosure to review and finalize your loan. This specifies the loan’s terms and costs with exact figures. It’s a good idea to perform a final walk-through and inspect the home to ensure everything is in good shape for move-in. Finally, you’ll come to closing day. You and the seller will sign the final paperwork, transfer necessary funds, and you’ll get your keys.”
Timeframe Assistance When Buying a House in Kansas City
So what is the average timeframe for buying a house? Really, there are so many variables involved that it’s hard to predict with much accuracy. But without your professional guidance and assistance, it can easily run into many months. But with an experienced Kansas City agent in your corner, that time can often be shortened. So when buying a house in Kansas City is on your agenda, be sure to contact us today at (913) 708-1185.