From beginning your real estate search to closing on your new property, there are many steps to complete along the way. We are often asked how long it takes to buy a home, but the answer varies in nearly every transaction. Although there are some consistent milestones, it can differ significantly depending on the circumstances of all parties.
Deciding to Buy A Home
Whether you’re a first time home buyer ready to stop renting, a seasoned homeowner, or an investor, there are a few key considerations. From reviewing your finances to evaluating your long term plans, this process should be explored carefully and thoroughly to understand your real estate needs. If you’re a first-time homebuyer, we highly recommend taking the HomesFund Homebuyers Class, which is a Southwest Colorado specific program that helps new homebuyers with education and down payment assistance as needed.
Meet With Your Financial Advisor
Set up a meeting with a mortgage lender and/or your financial advisor to determine how much money you have accessible for earnest money and a down payment. Discuss your budget, mortgage rates, and different loan options. Don’t forget to account for additional funds needed for closing costs, property taxes, homeowner’s insurance, and other emergency/repair expenses.
Signing A Buyer Agreement
Hiring a buyer’s broker is an important step so you’ll have a licensed professional assisting you with identifying properties, touring local listings, negotiating on your behalf, and guiding you through all of the dates & deadlines to closing. It’s required to sign a Buyer Agreement with your RealtorⓇ, which outlines your working relationship and holds them accountable to fiduciary duties. Once this agreement is executed, you can begin to tour homes together!
Determine Your Wants & Needs
Take time to identify and discuss your must-haves and preferences. This includes location, type of property (single family house, townhome, hobby farm, etc.), acreage, number of bedrooms and bathrooms, single vs. multi-level, amenities, and desired features like a garage, views, fireplace, etc. It’s important to distinguish between “wants” and “needs”. Having this list helps your RealtorⓇ tailor your search and align it with your budget and goals, helping to avoid buyer’s remorse down the road.
Touring Homes
Once you’ve defined your search criteria and are working with a local broker, you’ll begin touring available listings. Depending on the property, it’s typical to spend about 30 minutes to an hour at each showing. There’s no set number of homes to view before making an offer—in our market, it could be as few as one or as many as two dozen. This stage can last anywhere from a few days to several months depending on inventory and timing.
La Plata County Market Trends
Although the local La Plata County residential market is influenced by outside factors and broader national trends, it also has its own unique characteristics and market trends. Your RealtorⓇ should have an up-to-date knowledge of these statistics and market activity to help guide your home search and offer strategy.
Once You’re Under Contract
Once you’ve found a home that you’re excited about, you’ll work with your broker to write and submit an offer. Key details include the purchase price, down payment, loan terms, inspection, appraisal, inclusions and exclusions, broker compensation, and more. These terms are written into the Contract to Buy-and-Sell, signed by the buyer, and then presented to the seller. The seller has until the acceptance deadline to agree to the terms, present a counter offer, or decline the offer altogether.
Factors Impacting Timeline
Although the contract period can vary in duration based on the needs of each party, it’s most common for closing to occur within 30 - 45 days after the contract is fully executed. Several factors can affect this timeline including inspections, the loan and underwriting process, if the seller needs to stay in the home longer in order to make the transition to their next home, a buyer’s contingent sale, etc.
Buyers vs. Sellers Market
Many variables influence whether we are in a buyer’s or seller’s market such as inventory levels, home prices, mortgage rates, and days on market. At the core is supply and demand - a balanced market is generally defined as six months of inventory (calculated by dividing current active listings by the average number of monthly sales of the past year). As of June 30, 2025, La Plata County had 466 active listings, with last year averaging 73.75 sales per month, placing us in a textbook balanced market. This is reflected with more price reductions, steady growth in inventory, and slightly longer days on market. In contrast, from 2021 to 2023, with record-low inventory and rapidly rising prices, we experienced an intense seller’s market.
Although some segments of La Plata County real estate will always be in high demand, such as in town Durango, there are still great opportunities for buyers right now. To stay up to date on local market trends and updates, or to start your purchasing journey, please contact us at 970.375.7014 or [email protected].
