When planning to purchase a home to coincide with a particular date such as the expiration of a lease, or the sale of another home - it is important that a buyer understands the importance of a well thought out time frame. Just how long the home buying process might take depends on many factors.

A home buyer should consult with a real estate agent to determine what the average time frame is for the locale. A buyer cannot assume when moving from a state where the typical home sale closes in 4 weeks that it is the same way all over the country. 

First time home buyers often make the mistake of underestimating the time needed to close on a transaction before their lease expires. In NY, the typical transaction can take 7-10 weeks because there is the attorney review process. In Dutchess County, contracts are written with an "on or about" date. Meaning, buyers and sellers should not fixate on the contract date. The date of the closing will depend on when the bank gives clearance to close and much is hinged on loan processing and a title search.

Recently, a buyer told me that their lease expires on August 1st. However, their work schedules make it difficult for the couple to shop for homes until the end of this month. During my initial consultation I explained that they should consider getting an earlier start on house hunting, assuming they would want to have time to sort through the many options without being pressured to hurry through the search and make a decision just to time the closing to coincide with the expiration of their lease.

I also advise buyers to have a back up plan because an "on or about date" can run 30 days in either direction. In these sort of instances, I have to stress that buyers must make the home search process a #1 priority if they want assurance they will close by their target date. It's better to finish the process early and be slated to close than to live with the stress of whether everything will come together at the last minute.

A home purchase is the biggest investment of your life and you shouldn't cause yourself to feel rushed! Be sure to consult with an agent early in the thought process about your plans to purchase and the exact time frame -you'll be glad you did!