Average Home Buyers Take 73 Days to Close on a Property After Their Visit

Average Home Buyers Take 73 Days to Close on a Property After Their Visit

Nestled in the foothills of the San Gabriel Mountains, Monrovia is an affluent suburb of Los Angeles known for its picturesque views and tranquil atmosphere. Countless films have taken advantage of Monrovia’s idyllic setting, and residents cherish this enclave for its small-town feel and proximity to LA’s sprawling urbanity. Monrovia’s charming streets are dotted with pristine parks, and a community-wide commitment to preserving nature has resulted in an abundance of lush green space and nature retreats.

Neighbors connect over holiday events and Friday night festivals, and the locally-owned boutiques and bistros provide a lovely scene for catching up with friends or enjoying family dinners. The Monrovia real estate market is competitive, and buyers are pampered with a dizzying array of beautiful properties. This guide will cover helpful real estate tips for buyers, as well as little-known facts that will help you easily navigate your next real estate adventure.

The current Monrovia real estate market

The real estate industry has seen more than its share of changes over the last few years. While California, and indeed most of the nation, held fast in seller’s market territory for much of 2022, the needle has now shifted into the neutral zone, which spells good news for buyers. In a seller’s market, the number of buyers exceeds the number of houses available, which means sellers can command premium prices and generally hold the cards regarding negotiation and selling terms. In a neutral market, however, the ratio is balanced, and buyers and sellers enjoy an equal share of inventory and fair negotiating power.

Many areas of the country have already reached the buyer’s end of the market gauge, which affords buyers much more control and purchasing power. In a seller’s market, buyers must have financing, paperwork, and offer letters ready at a moment’s notice. The fast pace requires quick decisions and immediate response times, or they risk losing out to another buyer. In a neutral market, however, as Monrovia currently is, buyers have a bit more flexibility with seeing multiple homes before making a decision.

How long does the home-buying process take?

The home-buying process can take as much or as little time as you deem fit for your personal real estate journey. Certain factors beyond the market climate will affect the timeline, such as job transfers, school requirements, and other obligations that necessitate a speedy move. While there is some flexibility regarding closing timelines, which your agent can negotiate, some processes require wait times, such as mortgage pre-approval, financing, and closing dates.

Mortgage pre-approval and financing

Before buyers even begin touring homes for sale, they should consider getting preapproved for a mortgage. For those planning on financing their property purchase through this traditional process, getting a preapproval letter will give them an idea of how much house they can buy. It’s easy to get carried away while scrolling through online listings, and the preapproval process can offer parameters to keep you on track and within budget. Some sellers require proof of pre-approval before scheduling a showing, so for those obtaining a loan, this is where the home-buying journey begins.

So how long does it take to get pre-approved? That depends on a few factors. First, you must review your credit report and gather and submit all the necessary financial documents. If your credit needs work, that process could take four to six months, so review that first. Pre-approval paperwork includes recent bank statements, tax forms, income statements, and personal identification, so if those are easily accessible, you should be able to tackle the documentation phase in no time.

Once your paperwork is turned in, you are at the mercy of the mortgage lender. It may take only a day or as long as ten days, depending on the lender’s availability.

House hunting

Working with a real estate agent is crucial to keeping the home-buying process as streamlined as possible, and the benefits of cultivating this relationship are multitudinous. Agents can help you find clarity regarding what you are looking for in a new home, which neighborhoods fit your family's needs, and how to navigate the buying and selling process with ease and financial success. Agents offer access to the MLS, also known as the multiple listing service, which is a vast database of properties currently for sale. The MLS is an essential resource for buyers and sellers, providing thousands of listings at your fingertips.

How long the house-hunting process takes will depend on your specific property and lifestyle needs, whether or not you have a tight moving deadline, and how plentiful the inventory is in your neighborhood of choice. Some buyers are highly motivated and find a home in under a week, while others enjoy taking their time and may search for months before landing on their dream home.

Submitting an offer

While there are no official or legal timeline regulations regarding response times, generally, the seller has a limited amount of time to review a buyer’s offer letter before accepting or rejecting the offer. Agents may be able to negotiate this timeline, but typically it lands in the 48-hour range. This is an unspoken rule in the industry, but most agents adhere to it and encourage sellers to act accordingly.

The closing process

The home-buying timeline, starting with that first property tour and lasting until you sign on the dotted line at closing, averages 73 days — not very long when you consider how significant it is to buy a home, especially in a competitive, affluent market like Monrovia. Closing is the final phase of the mortgage loan process, wherein the seller officially signs over the house title to the buyer. Usually overseen by an attorney or closing agent, this is where all parties involved review all paperwork and sign the necessary agreements to transfer payment to the seller and the property to the buyer. The closing meeting itself lasts an hour or two, but the timeline for the entire process typically ranges from 30-45 days. During this time, the buyer will schedule a home inspection, the mortgage company will review and finalize loan approval and conduct an appraisal, and the purchase agreement paperwork will be finalized.

Looking for Monrovia real estate?

Are you interested in buying or selling real estate in Monrovia? Contact Nicola Speranta and her expert team today to explore Monrovia homes for sale or to list your Monrovia property. Nicola is an ideal partner for your next Monrovia property venture and has earned a stellar reputation as a knowledgeable agent who puts her clients’ needs first. Clients praise her unparalleled knowledge, strong communication abilities, sharp negotiation skills, and uncanny knack for securing lucrative deals.

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