Home Buying in Wayzata>Question Details

Sumrgal03, Home Buyer in Eden Prairie, MN

How far in advance to the timeline that we'd like to purchase a home should we start the buying process? Currently we're aiming for next

Asked by Sumrgal03, Eden Prairie, MN Mon Jul 25, 2011

summer.

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I agree with everyone else that you ought to start the pre-approval sooner rather than later. As far as actually looking, it takes most people 3-6 months to be in the home after they start the process. Traditional sales are at the quick side, bank owned homes are in the middle and short sales can take up to 6 months to close! If you are looking at foreclosed homes be aware they will most likely be winterized in the colder months, so dewinterizing can add more time and a higher cost to you. I'd say March? Prices will spike a lot in May, so start early and remember as spring turns into summer prices go up. As summer goes into fall prices go down. When winter hits, prices are at rock bottom. Good luck!
0 votes Thank Flag Link Fri Aug 5, 2011
You would definitely want to speak with a mortgage professional and see where you stand with credit and other factors; I would do that now so that if there are any issues you have until next Summer to work on those. As to when to start looking will depend on if you are building a new home or buying a pre-existing home; new home, start around January, pre-existing around April or May.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
0 votes Thank Flag Link Wed Jul 27, 2011
Meeting with a loan officer early in the process never hurts. Its great to have your financial house in order prior to going out and looking. The other factor when making a move is what is your current situation - are you renting or do you have a home to sell. If renting, do you have a lease that you will be penalized for if broken?

Depending on what you are looking for it can take several months to find that perfect home. Once you find your perfect home, being approved will save some time. Typically we see anywhere from 1 week to 2 months to find the right home. 1 week for inspection period and 30-60 days to close. Depending on your time line I would budget 45-90 days to be in the next dream home.

Hope that helps.
0 votes Thank Flag Link Wed Jul 27, 2011
You can never be too prepared when buying a home. If you don't know what your credit scores are you may want to see where you stand now. That way if you have any credit issues you will have plenty of time to take care of rather than waiting until the last minute.

You can read more about the Pre-Approval process here: http://www.trulia.com/blog/elliott_r_oliva/2011/07/pre-quali…
0 votes Thank Flag Link Mon Jul 25, 2011
You can never be too prepared when buying a home. If you don't know what your credit scores are you may want to see where you stand now. That way if you have any credit issues you will have plenty of time to take care of rather than waiting until the last minute.

You can read more about the Pre-Approval process here: http://www.trulia.com/blog/elliott_r_oliva/2011/07/pre-quali…
0 votes Thank Flag Link Mon Jul 25, 2011
Smart buyers begin the process early...buying a home can become an ordeal if you leave everything to the last minute. We recommend that since you know you are going to be buying in the near future, it's advisable to begin informing yourself about the local real estate market. This can be accomplished through following the classifieds, using local real estate magazines, attending open houses, using online websites etc. But it is important that you begin making yourself as informed as possible because the more you know about the market the easier it will be to recognize and negotiate for your future home.

We also subscribe to making lists. Three lists will help you prioritize what you value in your home. We suggest the following:

1. factors my new home absolutely has to have

2. factors that we must avoid

3.things I'd like but can live without

It's suprising how many buyers begin their search process without a clear understanding of what they actually are looking for. Attending open houses can help you to fine tune this.

There is no such thing as beginning your search too soon....so begin with "little steps" by learning about the local market and what your priorities are.

Good luck,

Bill
0 votes Thank Flag Link Mon Jul 25, 2011
What typically happens in Minnesota is homes that haven't sold by October / early November are pulled off the market until Spring. They start popping up on the market as early as February and on into Spring. Consider that it could take a couple of months of looking and once you have a home under contract another 30-45 days to close. If you're lucky you will love the 1st home you see, but it will still take 30 days to close.
0 votes Thank Flag Link Mon Jul 25, 2011
Make sure you have an income and a good credit rating, what else do you want to know! begin the buying process, you can start tomorrow if you wanted, its not like building an arc for the flood and you need time to build!
0 votes Thank Flag Link Mon Jul 25, 2011
Unless you for see problems with credit, I would wait to get pre-approved sometime in the beginning of next year (Feb/March), which is the Spring Market.
0 votes Thank Flag Link Mon Jul 25, 2011
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