A common question first time home buyer ask me is: How long does it take to purchase a property. Here in the Boston real estate market the average timeline from accepted offer to signing closing documents is six weeks. Sometimes sellers may want to extend the closing to 8 weeks, but remember with rate locks you’ll most likely need to keep it to a maximum of 59 days.
Some sellers want a super quick closing, and even with financing, the lenders I work with are able to close on a property as fast as 2-3 weeks depending on if you have already done the pre-underwriting process and what contingencies are in your offer.
The bigger question is how long will it take to get an accepted offer. I’ve had a new client call me on a Tuesday, see a home on Thursday and get their offer accepted on a Friday-3 days! Other clients have taken as long as three years, but that was because they were selective on the type of home they wanted and also were not in a particular rush. Everyone else falls somewhere in that range, but more importantly, you as the buyer will set the pace and we’ll be as aggressive or patient as you are comfortable being.
From personal experience (my wife and I bought five homes in ten years) my piece of advice is don’t be afraid to pursue the first home you see. If it checks most of the boxes, especially size and location then there is nothing wrong with pulling the trigger quickly. We never know when the next property is going to come on for sale that will be a good fit. I’ve had a number of clients put an offer on the first house they saw, and are very happy with the fact they purchased it.