Jinx said:

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Curious what you all are seeing as the average time it takes for someone interested in buying a home to closing and moving in?

We have been in a rental for several years but we arent sure how best to handle the timing. While our lease ends in July, we start getting pressured to renew in January (this past year we started getting emails the 2nd week of the year) with a deadline to decide by end of March.

We asked previous years if month to month was an option but the answer was "no, unless you hire me as your agent" which of course we declined. Nothing against them, but we'd rather not be strongarmed into a decision like that.

So, advice? Can you be too early in starting the process? When should we start really talking to someone? Our credit is excellent, only debt is a car payment. We were researching a lot a few years ago and then everything got crazy, so we stepped back. Now our family is outgrowing the rental and it's time to move on.

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say what now. a real estate agent can't make demands like that. as far as renewal, you need to check your lease language as to when you actually need to notify them.

I have had two clients buy this year in B/CS. Both had a contract within 60 days. Add 30 to close. Note you skip a month before the first payment on the mortgage so that will give you some breathing room.

Example.

Contract 10/1
Close 11/5
First payment is Jan first. So no December payment to the mortgage in case you need last rent payment 12/1.

If you want to run numbers my contact info is in my profile. Both my clients were first timers. I can get referrals if needed.

Jinx said:

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Curious what you all are seeing as the average time it takes for someone interested in buying a home to closing and moving in?

We have been in a rental for several years but we arent sure how best to handle the timing. While our lease ends in July, we start getting pressured to renew in January (this past year we started getting emails the 2nd week of the year) with a deadline to decide by end of March.

We asked previous years if month to month was an option but the answer was "no, unless you hire me as your agent" which of course we declined. Nothing against them, but we'd rather not be strongarmed into a decision like that.

So, advice? Can you be too early in starting the process? When should we start really talking to someone? Our credit is excellent, only debt is a car payment. We were researching a lot a few years ago and then everything got crazy, so we stepped back. Now our family is outgrowing the rental and it's time to move on.

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I'm assuming it's a realtor who owns the rental house? That's kind of an aggressive stance for them to be taking IMO. The real reason they are asking earlier is because leasing season in college station really starts from January to April, with a majority of leases expiring (and tenants moving to new places) around the July/August time frame.

As far as your questions go:

- finding and closing can take anywhere from 45ish days to longer like Steve Bott said. It really all depends upon the features and type of house you're looking for. This market is STARVED of supply so the pickings can be slim in some categories. But if a house has any type of issues, it's not crazy for it to sit until the price drops enough to spur a buyer.

- you can never be too early in starting the process truthfully, but I will tell you - the current market has seen rates jump from ~6% in May to now 7.4%, which can price you out if you're looking towards the top end of your budget. All that means is the high end of your house price search has to drop unless you're ok with a higher monthly.

- you'll want to check the terms of your lease if you vacate early. Some have the ability to pay 1-2 months rent or you can find a subleasee. The latter is definitely an easier route unless you're paying a really high rent. But setting up for summer of 2024 with a solid 8+ month timeline is probably realistic. Gives you enough time to build up the savings for the downpayment, closing costs and moving costs.

I'd be happy to help you and talk through what we are seeing in the market currently and walk you through the process. We've help quite a few first time home buyers this year in BCS and they've been able to use the several thousands of dollars rebate we've given to help either buy down rates, cover closing costs or get a bigger reduction on the purchase price! My contact info is in my profile!