Fall is in the air! Although it's not quite here yet, so don't break out the Halloween decorations.
I've had several people ask me if there is still time to purchase a home before 2018 and still get their "great big tax refund" for next year. The short answer is YES-- if you hurry.
Here is an approximate timeline to purchase if you want to own a home before the New Year:
- 30-60 Days: Get pre-approved. This can be as fast or as slow of a process as you make it. The best idea is to get in touch with a lender ASAP in case you have anything on your credit report (mistaken or correct) that needs to be fixed in order to qualify for a mortgage. The last thing you want it to decide you're ready and find out that you can't actually get approved for a loan. Remember, mistakes happen too- so even if you think you are ready, there could be something hiding on your credit report that is standing in your way. If there are any changes that need to be made on your credit report, it can take 30-45 days for those changes to reflect.
- 30-60 Days: Looking for a home. It's a limited market out there right now, and it may take some time to decide on the areas you want to live in, price range you feel comfortable with, and combination of home features needed in order to make an offer. Not to mention, there is a TON of competition out there. There are exponentially more buyers in Maryland than there are homes for sale. Give yourself plenty of time just in case your offer is not accepted on the first, second or third try.
- 30-60 Days: Under Contract. It takes between 1-2 months to actually close on a home. That includes getting your inspections done, appraisal, any repairs needed, title commitment, and lender underwriting.
All the above said, there is still time to be in a home before the holidays. I repeat, YOU HAVE TIME TO PURCHASE A HOME BEFORE THANKSGIVING! If you really hustle, you can still be in a home before Halloween but that means we need to get you under contract in the next two weeks (still possible, but requires a lot of buyer commitment).
If you're a seller thinking about putting your home on the market but afraid of moving during the holidays-- keep in mind you have a precious commodity! Buyers in this market are sometimes just as antsy about moving during the holidays. BUT they don't want to miss out. What I typically recommend is to stagger the home sale to give everyone additional time under contract so that the home is still committed, but nobody has to move. There are also options such as pre- and post-settlement occupancy that give a homeowner more flexibility on move-out date. Contact me today to find out what the best options are for you.
Dunkirk MD Homes for Sale - Genna Fleming, REALTOR® at EXIT 1 STOP REALTY
You now have free access to my Real Estate Search Engine! I am your local real estate expert with the knowledge and experience to deliver the unsurpassed service you deserve. Local Specialties: Upper Marlboro, Lanham, Lothian, Edgewater, Annapolis, & Dunkirk. Call Genna Fleming at (443) 532-8917 or follow my real estate adventures on Instagram @askgenna