How long does the homebuying process take?

How long does it take to buy a house?

The buying a house timeline can be tricky to predict. It typically takes anywhere from four weeks at the low end to six months (or more) to shop for and close on a house. According to Zillow (2022), about half of buyers searched for less than three months, but 13% shopped for seven months to a year!

Here’s your step-by-step buying a house timeline:

1. Get pre-approved for a mortgage (1 week)

It only takes about 1-5 days to get someone pre-approved. If you fill out the application and get all documentation into your mortgage broker right away, I can do it in under 24 hours! You typically can find a mortgage broker while you’re looking for a real estate agent, but know that mortgage brokers can offer good advice on which realtors their clients have recommended. So, it doesn’t hurt to ask! Once you have your preapproval, your mortgage broker will help you put together a max budget–this is valuable information your real estate agent will want to know before you start your search.

2. Find a real estate agent (1–2 weeks)

Of course, you could sign with the first agent you find online, which could take as little as a day, but it’s smart to take some time when finding a real estate agent. Do some research, come up with questions for potential real estate agents, and check out their specialties and customer reviews. Agents are a great asset that typically cost you nothing on the buying side, so find one you feel comfortable with.

3. Make a list of needs and start browsing (3–5 days)

Take the time to think about the things you absolutely need in your new home (for instance, a certain number of bedrooms or a short commute) as well as the things you want but could do without (say, a hot tub). Make a list of both and discuss it with your real estate agent. These items, along with the max budget your mortgage broker helped you with, will determine your search parameters. 

4. Go to house viewings (1 week–4 months)

Now it’s time to have your agent start setting up viewings of homes you’re interested in. The timing of this part of the process is especially variable. In some markets, you could visit several homes and make an offer that same day that gets accepted. In other places, you could wait months for the right home to come on the market, or you could get outbid time and time again before an offer is finally accepted. According to Zillow (2022), the average time spent shopping is about four and a half months. 

5. Make an offer and negotiate (3–5 days)

When you find a home that seems like “the one,” your real estate agent will help you put together an offer. Then it’s time to wait for the seller to accept, decline, or negotiate with you. This can be speedy depending on the home, but in a seller’s market, you may be held in suspense a bit longer as you await a response. The seller may accept or reject your offer, or they may send you a counteroffer, kicking off a round of negotiations.

6. Get your loan approved (1–2 months)

Since you’re already pre-approved for your mortgage, now is the time for you to gather the necessary documents for your lender to complete the underwriting process and approve the loan. This is known as the mortgage approval process. Your mortgage broker will take the original documents and application from your preapproval, along with the updated documents you send to get everything started with the lender.

7. Wait for the appraisal (1–2 weeks)

During the mortgage approval process, your lender will hire a professional to conduct an appraisal to determine your home’s value. The appraisal is typically scheduled within a week or two, and then it takes 3-5 days for the report to come in. You don’t have to do a thing except wait for the result—and hope it’s higher or equal to the purchase price. If not, you may have to increase your down payment or renegotiate with the seller.

8. Get a home inspection (1–2 weeks)

Not to be confused with the appraisal, you also might choose to hire a home inspector to determine whether there are any surprises hiding in your new home. Unlike the appraisal, the inspection is optional, and you might have chosen to “waive” your home inspection. That being said, if you choose to do a home inspection, you typically have 5 - 10 days to complete it. It typically takes 24 hours to get the inspection report, and then it could take a week or more to renegotiate if any unexpected problems turn up.

9. Close on your new home (1 hour)

The hard stuff is over, and you’ve got one last appointment to close on your house. After handing over your down payment and closing costs to your title company and signing the final mortgage paperwork, you’re officially a homeowner!