How Long Does the Home-Buying Process Take in Markham?

Purchasing a home is a complex and often confusing process. It is not a transaction that can be completed in an afternoon but can take several days and even weeks to complete. Let’s take a closer look at the time involved in purchasing a home and what you can expect when buying a new home in Markham.

The House Hunt

The first step in your home-buying journey is searching for your dream home. This step can be as fast or as slow as you make it. If you find your dream home immediately, you can save a lot of headaches and time spent driving back and forth to showings. But if you can’t find that home you love, your home-buying process will take much longer. Keep in mind that on average, as of the date of this post, most homes in the Markham area remain on the market for 28 days.

Placing an Offer

Once you have found your dream home in Markham, you will place an offer. This step can be completed in an afternoon and approved as well. However, if there is some negotiating, the process can take several days or longer. Once both parties agree on the offer, it is the period known as contract-to-close. On average, this time period is approximately 30-90 days but in some situations, it may take longer.

During the contract-to-close period, you will work closely with your lender to provide all necessary documentation to secure financing on your new home. Also, make sure during this time that you do not make any large purchases, open new credit lines, or agree to any activity that could affect your credit score. These decisions can affect your eligibility for loans and can drastically delay the home-buying process.

The Closing

Once the financing is complete, it is now time to close on the home. You will set up an appointment to sign all documents and paperwork. This appointment can take quite some time as there is a stack of documents to complete. Make sure you plan accordingly.

If you are ready to purchase a home in the Markham area, contact real estate agent Martin MacFarlane. He can answer your questions and walk you through this exciting life change.