From market conditions, to location, to your individual finances, the path to buying a home can look wildly different from person to person. (For a little snapshot of what that range can look like, consider a few of the first-time homebuyers I've interviewed).
According to October 2024 data from ICE Mortgage Technology, the average time to buy a house, from contract to closing, was 44 days. Of course, that timeline doesn't factor in pre-purchases phases like setting your budget, figuring out where you want to live, and shopping for a place you actually want to buy. For instance, right now my mom is currently moving houses—right down the road, but still, a move is a move. I've followed along with her every step of the way, and her timeline has been an (anecdotally) far more typical four-to-six months from start to finish.
With the understanding that the process can vary significantly depending on your circumstances, here's an easy-to-read timeline detailing how long most people can expect at each stage of the home-buying journey.
When you're thinking about buying a home, there's a lot that goes into the timeline before you even consider house-hunting. Let's break it down.
A pre-approval letter is key to make your offer more attractive to sellers. It can also streamline the buying process, since being pre-approved can speed up the final loan approval once you've found a home you want to buy. Plus, the pre-approval process is prime time to uncover any problems with your credit or finances early on, giving you time to address them.
The pre-approval process involves:
Gathering financial documents (pay stubs, tax returns, bank statements)
Submitting a mortgage application
Having your credit checked
Receiving a pre-approval letter detailing how much you can borrow
One of the biggest challenges to home buying is figuring out exactly how much house you can reasonably afford. It's crucial not to skip this step and to simply go with the number a bank gives you, as you probably don't want to end up "house poor," paying so much for your mortgage that you have little left over for other expenses and savings. The "25% rule of thumb" as a helpful, if conservative, guideline; under this calculation, you will aim to spend no more than 25% of your net monthly income on your mortgage and property taxes.
During this stage, you'll:
Determine your comfortable monthly payment
Research target neighborhoods
Create a list of must-haves and nice-to-haves
Interview and select a real estate agent
This stage varies the most in duration, depending on market conditions and your specific requirements. During this phase, you'll:
View multiple properties (often 10+ homes)
Attend open houses
Research comparable sales
Refine your criteria based on what you see
Once again, the current market conditions can significantly impacts this timeline. In a seller's market, you might need to move quickly and make multiple offers before one is accepted.
Once you find "the one," things start to move quickly, as you:
Submit your offer with pre-approval letter
Negotiate terms with the seller
Reach an agreement on price and conditions
Sign the purchase agreement
Submit earnest money deposit
This is the most detail-oriented phase of the process, but a lot of the work will likely be handled by your attorney and your lender while you sign a lot of paperwork and email them for updates every few days. This stage involves:
Schedule and complete inspection (2-4 hours)
Review inspection report (1-2 days)
Negotiate repairs or credits (2-5 days)
Make sure you save your home inspection report and turn it into a DIY to-do list after purchasing.
Lender orders appraisal
Appraiser visits property
Review and address any valuation issues
Submit additional documentation to lender
Underwriting review
Address any conditions or questions
Receive final loan approval
Title search conducted
Title insurance arranged
Property survey (if required)
Review of any deed restrictions or easements
The final stretch includes:
Final walk-through of the property
Review of closing disclosure
Arrangement of funds for closing
Scheduling closing time and location
Congrats! You're finally at the finish line. The big day involves:
Final document review and signing (a lot of signing)
Fund transfer
Key handover
Recording of new deed
There's no shortage of circumstances that can lengthen the home-buying process. The appraisal could come in low, forcing you to renegotiate your offer, for example. Or the inspection could reveal issues with the property that requires extensive negotiations with the seller over who will pay for the repairs. You might also struggle to get your mortgage approved or face other bank delays.
With so much of the housing market outside your control, keep the process moving by staying on top of what you can control. Respond as soon as possible to all requests for documentation or signatures, and make sure you have your funds readily available when it's time to close. And of course, even though we all should know certain terms, there’s no shame in a quick refresher of all the terms you need to know when buying a home so you can be more responsive and better informed when your attorney gives you the latest update.
Remember that while this timeline represents a typical home-buying process, every situation is unique. Working with experienced professionals and staying organized can help keep your purchase on track and minimize delays.
