They say Rome wasn’t built in a day. The same is true of purchasing a home. The process often takes longer than you might expect. But how long is that, exactly?
How Long Does It Take to Buy a Home?
Ask the experts and they’ll tell you that the buying-a-home timeline can differ from person to person, depending on several different factors.
“There’s not a one-answer fits-all scenario here,” says Jerry Grodesky, a managing broker for Farm and Lake Houses Real Estate Inc. “A cash deal will be the shortest, with the timetable dictated by how long it takes to get the deed and title work done, perhaps 15 days. But a finance transaction could depend on whether the buyer is choosing an FHA, VA, USDA, or conventional loan. In that case, it could range from 35 to 60 days, with 45 days as a norm.”
Attorney Alessandro Secino concurs with that time estimation, noting that most home purchases from contract signing until closing typically take between 30 and 60 days. “However, this is not a firm rule, as the extenuating circumstances of the parties involved can ultimately dictate the closing date.”
HUD-certified housing counselor Todd Christensen, on the other hand, notes that the entire process can span up to six months or longer, including the time needed to find the right home in the ideal community – based on market conditions, preparation, and how well focused and prepared the buyer is for each step required.
“Some buyers don’t need to spend much time on financial preparation and preapproval, while others need several months. And some people can passively house hunt for years while others find a home in an instant,” adds Christensen.
To help you better estimate how long this journey can take, from start to finish, let’s break down each of the typical stages involved.
Step 1: Make sure you’re Financially Ready
For starters, set aside necessary time to ensure your financial preparedness. This involves checking your credit score and credit reports, paying off debts, setting a budget, saving extra cash, and determining what you can afford. Expect these tasks to take as long as necessary (especially if you need to save up more for the down payment and closing costs).
“This can take a few weeks to several months, depending on your starting point,” says Realtor Lori Alvarez.
You’ll want to get a clear picture of your budget so that you can know what’s in your price range. That involves crunching numbers, estimating current and future earnings versus expenses, and working to improve your credit (the higher your credit score, the less you will likely pay in financing costs).
Step 2: Shop Lenders and Get Preapproved
After getting a better handle on your finances, it’s time to shop among a few mortgage lenders.
“Finding the right lender is one of the most important decisions to ensure a smooth closing process. Most national and local banking institutions have residential lending departments. I’d start by talking with your own personal bank to see what types of rates and offers they have,” suggests Secino. “Similarly, there are also national mortgage originators that specialize in closing loans and are very efficient at what they do.”
Compare rates and loan types from multiple lenders, and apply for loan preapproval, which can take anywhere from a day to a week or longer.
“Preapproval is free, takes only a short amount of time, and demonstrates to sellers that you are a serious buyer,” continues Christensen, who adds that the lender will provide a preapproval letter you can give to the seller.
Step 3: Finding a Realtor
You don’t want to go it alone during this process.
“A good professional real estate agent and their brokerage can save years of financial, legal, and even physical headaches by ensuring that your contract protects you as a homebuyer and the inspection and appraisal are in order,” says Christensen. “Plus, they are expert negotiators, saving you time, money, and stress on the back-and-forth with the seller.”
That’s why it’s important to partner with a trusted and experienced Realtor or agent who can look out for your best interests.
“It’s the Realtor’s job to inform you, educate you, and advocate on your behalf. Interview several different agents who are experts in the area you want to purchase in,” recommends Cynthia Mattiza, a real estate advisor with Kuper Sotheby’s. “Read online reviews, ask the agent plenty of questions, and determine if you trust and connect with them.”
To find a good agent candidate, ask family members and friends for referrals to professionals they’ve worked with.
“Choosing the right agent could take a few days, but it’s crucial for smooth navigation,” Alvarez says.
Step 4: House Hunting
Next comes the stage that’s the most difficult to estimate time-wise. Indeed, searching for, touring, and ultimately choosing a property can span days to months.
“I’ve seen house-hunting take from 30 minutes to 30 days based on the buyer’s diligence in knowing what they want and, at times, a little luck,” says Grodesky. “This timeline can be affected by the economy, seasons, supply and demand, and your needs.”
Be honest with yourself about must-haves versus nice-to-haves, “but don’t settle just to make the process go faster. You will live with your decision for years,” cautions Christensen.
Step 5: Make an Offer and Negotiate
When you are ready to make an offer on a home for sale, be prepared that this part of the process can take several days.
“The negotiation phase can vary drastically in terms of timeframe and level of involvement. For some transactions, negotiations are fairly straightforward if the parties don’t deviate much from standard practices,” Secino notes. “Other negotiations can be much more involved, where the parties are negotiating terms like furnishings and decor, credits for certain repairs, seller financing, post-closing occupancy periods, and specific contingencies.”
In Alvarez’s experience, making the offer and negotiating commonly takes one to seven days.
“Keep in mind that earnest money is due three to five days after offer acceptance,” Grodesky says.
Step 6: Mortgage Approval
After your offer is accepted, the full mortgage process kicks in. That’s when you can submit a loan application and financial documents that will enable the lender to verify and underwrite your mortgage. A few days after submitting your application, the lender will furnish a Loan Estimate that outlines your costs, terms, and rate. The lender will also carefully check your earnings, assets, and credit, as well as the property’s value by having the home professionally appraised. If it’s all up to snuff, the underwriter will grant conditional approval, which could necessitate further clarifications or documents ahead of final approval.
“This is where having the right lender comes into play. They will step in and get the job done after your offer has been accepted, making sure your loan can actually close,” explains Mattiza. “This part of the process can often take 21 to 30 days or longer. Proper communication between all parties in the transaction is key.”
Step 7: Home Inspection
Following acceptance of your offer, you’ll likely have around seven to 10 days to have a professional inspection completed, which is optional. Depending on the results of the inspection, you can choose to proceed with the purchase, ask for repairs, or back out of the deal completely. Consult with your agent and review your purchase contract carefully for the inspection deadline.
“On average, it often takes three hours or so to complete the inspection. The inspector will crawl into places that no man has likely crawled into before, also checking big-ticket items and recommending when a licensed contractor should inspect further,” notes Grodesky.
Step 8: Closing
If your lender approves your loan, you’ll proceed to the closing phase, which commonly occurs a week or two later. This involves a final review of documents, paying closing expenses, and signing a large stack of paperwork.
“The closing itself typically takes one to two hours, with funding often occurring the same day or one to three days afterward,” Christensen points out.
Be aware that your loan will officially close on the same day you sign the financing documents. Your home’s title will then be recorded with the County, and property ownership will be legally transferred to you.
Step 9: Getting the Keys
Many buyers receive their keys to the home at the end of the closing session on the same day, while others may have to wait until funding is received, according to Christensen.
“Typically, keys will be exchanged through the real estate agents or dropped off with the closing agent’s office if parties are going to sign in person on the closing date,” adds Secino.
Save Time in the Process
Want to accelerate this schedule? Follow these best practices:
Gather your important financial documents well before applying, including pay stubs, bank statements, and tax returns.
Get preapproved for a mortgage loan early – not just prequalified but preapproved.
Pick a real estate agent with a proven track record. “You want someone with experience, confidence, and expert negotiating skills,” says Mattiza.
Stay flexible when house-hunting. “Compromising on minor once can save weeks or months,” suggests Alvarez.
Be ready to tour homes on short notice. Remaining flexible and nimble can give you a leg up on rival buyers.
Schedule inspections and appraisals promptly – Booking these right after your offer is accepted keeps you on track with deadlines.
Stay in close contact with your lender. Be prepared to respond quickly when they request more details or documents.
Curb the contingencies. Limiting conditions in your offer/contract can smooth negotiations and fast-track your transaction.
Order the home inspection and appraisal as quickly as possible after offer acceptance.
Final Thoughts
Knowledge and planning can make a big difference when you are trying to purchase a home for sale. Take the time to learn about every step involved and how you can accelerate this timetable without cutting corners or feeling rushed.
“A well-informed buyer moves faster, avoids surprises, and has a smoother experience,” says Christensen.
Alvarez aligns with that advice.
“Preparation is the biggest time-saver,” she says. “Buyers who enter the market with a clear budget, strong preapproval, and realistic expectations can often close significantly faster than those who start unprepared.”
