Your home: How long does it usually take to find the right home to buy?

By Chad Taylor

The Taylor Made Team

Question: How long does it take to find a home these days?

I wish I could offer a short and concise answer … but, boy, this one has several variables that affect my response. My intent with this column was to cover some “non-market condition” topics. However, in real estate, every answer to every question will be determined in some way by the current market conditions.

For example, I have shared with you in my most recent columns that in most areas of town, we are in a seller’s market. A bright and beautiful Realtor (my wife, Leah) made a great observation earlier this month. She said that it feels like there are three buyers for every home on the market that is priced right and in good condition. Leah is our Lead Buyer’s Specialist so she has had a first-hand taste of today’s market.

In a seller’s market, “the hunt” may be over very quickly, or it could take quite a while. It depends on how specific your criteria is for a home. If you have a long list of non-negotiables, you may have to practice quite a bit of patience in a seller’s market. Also, with inventory at one of its lowest points in years, a buyer does not have time on his/her side. You have to be prepared to pull the trigger immediately. I know the thought of writing an offer on a home the second it comes on the market, or getting into a bidding war for it can be a scary thing for some buyers. My best advice is to stay informed. A highly educated buyer will be more prepared to make the right decision at the right time.  Please keep in mind that once under contract, if financing is being obtained, it will take at least 30 days to close on your new home.

Statistically speaking, in 2012, buyers spent 30-40 days looking at real estate online before contacting a Realtor to actually show them homes in person. Once our team is contacted, one of our first steps is to schedule a buyer’s consultation. In this meeting, our team performs a needs analysis to identify exactly what style of home a buyer is seeking, in what area of town, and in what price range. Then we share the current market conditions and discuss the steps in the overall buying process. A properly executed buyer consultation will set a buyer up for success and set their expectations appropriately. We find that buyers with appropriate expectations enjoy the home search process.  They know what to expect and why. I was told a long time ago, “Never surprise your boss.” Boy, was that good advice!

This spring, we have had clients purchase the first home we showed them. We have had others who have seen quite a few more than that. Our ultimate goal is to find the right home for them. Notice I did not say the “perfect home.” That is because there is no perfect home. They are all imperfect. In time, however, the memories made there will get it as close to perfect as possible.

This weekly sponsored column is written by Chad Taylor of the Taylor-Made Team and Keller Williams Realty Key Partners, LLC. The Taylor-Made Team consistently performs in the top 3 percent of Realtors in the Heartland MLS. Please submit follow-up questions in the comments section or via email. You can find out more about the Taylor-Made Team on its website. And always feel free to call at 913-825-7540.