How Long Does It Take To Buy A House?

8 Key Steps Of The Home-Buying Process – And How Long They Take

Once you’ve completed some of the preliminary steps mentioned in the previous section, you can move on in the home buying process.

1. View And Evaluate Different Homes

Looking at and deciding between homes you like can take several weeks or more. Factors that can affect how long this part of the home buying process takes includes how many homes are currently on the market, how fast they sell, and whether there are homes in your budget and the area you want.

2. Agree On A Sale Price

Once you find a home, it’s time to put in an offer — it can take several days or more. This part of the home buying process entails working with your real estate agent to put in a competitive offer, submitting it, and waiting for the seller’s response. It may take longer if the seller comes back with a counteroffer and there are additional negotiations. Part of the purchase offer could involve how much you want to put down and deciding who will cover closing costs, all of which you and the seller can negotiate on.

3. Secure Mortgage Loan Approval

As part of the closing process, you will need to work with your lender to finalize the mortgage application and go through the approval process. It can take a few weeks, depending on how long the underwriting process takes. Factors that can affect how long it takes include whether lenders need additional documentation and how soon you provide them.

4. Get A Home Appraisal

Early on in the process if it’s part of your purchase contract, you will need to complete a home appraisal. A home appraiser will look at the features of your home, compare it with similar homes recently sold in your area and come up with a fair market value. If you have a home appraisal contingency in your purchase contract, you have the right to back out of the purchase if conditions aren’t met. Specifically, if there is a large discrepancy between the agreed-upon sale price and the home’s value according to the appraiser.

5. Complete A Home Inspection

The home inspection process also typically happens early during the closing process and your purchase contract may have a home inspection contingency. The home inspection typically takes a few hours and is where the home inspector looks at the home’s structure and major appliances. If the inspection uncovers serious issues and have an inspection contingency in your offer, you can negotiate with the seller to pay for repairs, offer a credit for the home sale, or you can back out of the home sale.

6. Handle Contingencies And Other Paperwork

If there are other contingencies in your purchase contract, you will need to work with the seller to get these sorted within the timeline stipulated. There are also other matters you’ll need to take care of, like getting homeowners insurance lined up, waiting on the results of title search, and arranging affairs for when you plan on moving in.

7. Do Your Final Walk-through

Going through the final walk-through could take a couple of hours. It’s where you check out the house one final time to make sure everything is in order before the closing date.

8. Close On Your New Home

The closing date is where you’ll sign closing documents on closing day and in some states get the keys to your new home. You will need to pay the down payment and any closing costs to the lender.

What Can Make Buying A Home Take Longer?

Several factors can make the home buying process longer, like negotiations between the seller and buyer, the housing market and your financial situation.

A Less-Than-Solid Financial Situation

If your financial situation isn’t solid, like if you have a low credit score or your debt-to-income ratio is too high, it could delay the process. It may take longer for you to find a lender willing to work with you or you may have to provide additional documentation to prove your creditworthiness. You may also decide to postpone home buying in order to improve your financial situation.

The Home Being In Poor Condition

Homes that have major issues could mean that you’ll need to negotiate with the seller. It could mean some back and forth between the both of you to come to an agreement, whether it’s the seller offering a credit during closing, paying for repairs or some other arrangement. If you decide to back out of the sale, then you’re essentially back at square one.

The State Of The Housing Market

The housing market can have a huge effect on how soon you can buy a home. Areas with less homes on the market, or properties mostly out of your budget could delay you finding a home you want to purchase.

FAQs About How Long It Takes To Buy A Home

How fast can I buy a house?

How fast you can buy a house will depend on factors such as how soon you make a purchase offer, whether the seller agrees to your offer and if the underwriting process goes smoothly.

How long do most people take to buy a house?

It takes most people several months to buy a house from start to finish, including finding a real estate agent, touring homes and going through the mortgage underwriting process.

How long does it take to save to buy a house?

This will depend on how much you can save and how much you need. For example, if you live in a higher cost of living area, homes may cost more and so will the down payment requirements. If you need to save more for a down payment, you may need more time to reach your home buying goals.

What is the longest part of the home buying process?

The longest part of the home buying process is usually when you’re looking for a home that fits your needs. You’ll need time to see what you can afford, determine which areas you’re interested in, and find a home that meets the criteria you want.

Do short sales take longer?

A short sale is where the home is at an asking price that's much less than what the seller owes in the mortgage. Because of the more stringent lender requirements, it could take longer for a short sale to be finalized. In some cases it could take up to 6 months.

The Bottom Line: Buying A House Can Take Months

Buying a home is exciting, but it can also take a while. Understanding what happens throughout the process is key in managing your expectations. Knowing what can delay the timeline can help you to ensure that you do what you can to get to the closing date as efficiently as possible. Getting clear insights into your financial situation will help you know where you stand financially, such as how much you need to continue to save for a down payment. Consider using tools like the Rocket Money℠ app to set savings goals and track your income to help reach your dream to buy a house.