How long does home buying take?
The average home buyer will take anywhere from 30 to 90 days to complete the home buying process.
The Shortest Part
The first step is one of the quickest. That's getting pre-approved for a home. A buyer can typically get pre-approved same day, however, if their financial scenario has more complexity, this can take multiple days to sort out.
The Longest Part
Finding a property you like for a value you're comfortable with is typically the longest part of your journey.
Some people will take only a few days to find the property they want while others will spend several months...sometimes longer!
On top of that, in a highly competitive market, the duration of the process can be prolonged due to the possibility of losing out on multiple offers to higher bidders and cash buyers.
From "Accepted Offer" to "Closing"
Once you and your real estate agent have successfully negotiated with a seller to buy they home, and both parties have signed the contract, you're now in the home stretch.
A typical timeframe between signing contracts and closing is 30 days, but it's not uncommon for these to be shortened or lengthened to anywhere between 2-3 weeks and 2 months.
Step 1
Talk to a lender
The lender will help you determine what you can afford and the loan type and payment that works best for you.
They'll also prequalify you so you can go put in offers on homes.
Step 2
Housing
Search
This is the time to reach out to a Real Estate Agent who can help you search for homes and match the criteria you are looking for in a home.
Step 3
Putting in
offers
Your agent will write a contract and present it to the seller's agent for review.
If the seller agrees to the terms they'll sign it and you are under contract!
Step 4
Under
Contract
During this stage, which usually lasts for 30 days as per the contract, various property-specific tasks are undertaken and completed.
These tasks may include a home inspection, appraisal, acquiring insurances, and finalizing the remaining requirements necessary for loan approval.
Step 5
Closing
Closing Day is the day when the required documents are signed and the purchase transaction is completed.
Depending on the state, closing typically takes place at a title company or attorney's office.
