How long does it take to buy a house?

It can take weeks or even months from the time you decide to buy a house to the moment you get your keys. Your financial situation, type of loan, and even the home search can influence how much time it takes to complete the deal. While some elements will be out of your control, hiring a real estate agent and preparing your finances ahead of time can help speed the homebuying journey along. 

Find out what steps you need to take to buy a house, how long each part takes, and what factors could help you complete the deal quicker.

What’s the typical timeline to buy a house? 

The timeline for buying a home can vary, with some homeowners going to the closing table within a couple of weeks in a quick sale and others being delayed by negotiations for months. However, the homebuying process, from pre-approval to closing, typically takes at least eight weeks. Here’s how that timeline breaks down: 

1. Get pre-approved (one to two weeks): Getting pre-approved for a mortgage will help you understand how much you can borrow and show sellers you’re a serious buyer. You should compare multiple lenders and get personalized quotes from each. You can apply for pre-approval and, if accepted, you’ll receive a letter that shows details of the loan you’re likely to receive.
2. Find a real estate agent (one to two weeks): A real estate agent who is familiar with the area where you want to buy and understands your needs will help the homebuying process go smoothly. To find an agent, search online for real estate agents near you or ask friends and family for recommendations. 
3. Search for your home (one day to several months): Finding the right home can be quick and easy or long and drawn out. How long you’ll search will depend on what homes are available in your local market, how much you’re willing to compromise on your must-haves, and when it is available for showings.
4. Make an offer and negotiate (one to two weeks): When you find your dream home, you’ll work with your real estate agent to submit a competitive offer. Your seller might ask to negotiate your offer, which can lengthen your timeline.
5. Have the home inspected (one to two weeks): Home inspections will take a couple of hours to complete, but you’ll need to wait for an opening in your inspector’s schedule. Not all states require inspections, but they are recommended to avoid issues down the line. 
6. Sign the purchase agreement and submit earnest money (one to two days after offer acceptance): If your offer is approved and your contingencies are met, you’ll sign a purchase agreement and submit earnest money. Your earnest money will be held in an escrow account and applied toward your closing costs. 
7. Secure a mortgage (one to three weeks): Between filling out an application, providing supporting documents, and waiting for the underwriter to approve your application, securing a mortgage can take some time. You can speed it up by preparing your financial documents and being available to answer any questions the underwriter might have. 
8. Schedule a home appraisal (one to three weeks): Your mortgage lender will have your home appraised to ensure its value aligns with your loan amount. Like a home inspection, this process will only take a few hours, but how soon it happens depends on the appraiser's availability. 
9. Get homeowners insurance and private mortgage insurance (PMI) (one to two weeks): Homeowners insurance and PMI may be required to secure a home loan. You’ll need to enroll in policies for both before heading to the closing table. 
10. Review closing disclosure (one to three days): At least three days before your closing, you’ll receive a closing disclosure from your lender that outlines the details of your loan. You should review this closely and ask your lender any questions.
11. Close on the home (one to two days): How long your closing will take depends on the complexity of your home purchase. On closing day, be prepared to make your down payment, purchase lender points if you choose, show proof of insurance, and provide any other documents requested by the closing agent.

How to get your finances in order

Before getting approved to buy a home, getting your finances in order will help potential home loan lenders see you as a favorable borrower. Consider these tips to get your finances ready to buy a home: 

• Improve your credit score: A low credit score signals to lenders that you’re a risk. Raising your credit score can help you get approved and secure the best rate. To improve your score, work on lowering your credit utilization, increasing your credit limit, and paying any debts in collections.
• Lower your debt-to-income ratio (DTI): Your DTI measures how much debt you have relative to your income and is represented as a percentage. Lenders generally prefer DTI to be 35% to 36%. To improve your DTI, pay off your debts or try to increase your income. 
• Save for a down payment: You’ll want to save for your down payment well before beginning your search for a home. Most mortgages require you to put some money toward the purchase, with amounts ranging from 3.5% for a Federal Housing Administration (FHA) loan up to 20% to avoid PMI on a conventional home loan. 

What is mortgage pre-approval and why does it matter? 

Mortgage pre-approval is the process of getting approved for a mortgage before you make an offer on a home. A pre-approval will give you an idea of how much you could borrow and the rate you can expect to pay. If you plan to apply with the lender that pre-approved you, you might have the option to lock in your mortgage rate, in case it goes up between your pre-approval and closing. 

How long does house hunting take? 

The timeline for house hunting varies, with some buyers finding their home as quickly as the day they begin searching and others spending years to find their dream home. The National Association of REALTORS® (NAR) reported that the typical homebuyer last year found a home in about 10 weeks. 

You can speed up the house-hunting process by following these tips:

• Work with a real estate agent: Your real estate agent can find listings that suit you, negotiate with sellers on your behalf, and answer any questions you have. Plus, your agent might know of homes that are about to go up for sale before they’re posted online. 
• Set up alerts for homes that match your criteria: Real estate websites allow you to set alerts for homes that meet your criteria, such as location or number of bedrooms. When homes that meet your criteria go on the market, you’ll be alerted via email or notification on your phone so you can see them right away.
• Be flexible with your must-haves: The longer your list of must-haves, the harder it will be to find a home that meets all of your requirements, especially if you’re buying with a small budget. Consider what is actually important to you in a home and try to let go of things that you can change later or live without. 

What are the steps to making an offer? 

You’ll work with your real estate agent to draft an offer that reflects the price you’re willing to pay for your home and the terms you’d like the seller to agree to. These terms might include asking for repairs to be completed by the seller or that furniture is left in the home. You can even ask the seller to cover some of your closing costs.

The typical offer process can be broken down into these steps:

• Discuss strategy with your real estate agent: Your real estate agent can help you determine what offer strategy is best for you. For example, one strategy could be offering above asking price, but requiring specific issues with the home be repaired by the seller. 
• Research comps: Your agent will find comparable properties in your area that can help inform your offer price. 
• Draft an offer letter: Your real estate agent will draft an offer letter that outlines your offer price, contingencies, closing timeline, and more. This will be sent to the seller’s agent along with earnest money.
• Negotiate: If the seller returns a counteroffer, you’ll need to negotiate. If you do, your real estate agent can help draft a response for you. 
• Sign a purchase agreement: If your offer is accepted, you’ll sign a purchase agreement, which means your home is officially under contract. 

What is the mortgage application process? 

Applying for a mortgage is generally a three-step process. Although each lender’s application process will vary, you can expect to:

1. Complete an application: Mortgage applications can often be completed online, at a lender's in-person branch, or over the phone. Each lender’s application questions vary, but you can expect to provide information about yourself, your finances, and the home that you’re purchasing. 
2. Provide financial documents: You’ll provide documents that verify the claims you made on your application. This might include pay stubs, bank statements, tax returns, and proof of assets.
3. Wait for loan underwriting: During the loan underwriting process, your lender’s underwriter will review your application and the documents you’ve provided. Once done, the underwriter will decide whether or not to approve your home loan. 

How long does it take to close on a home? 

Depending on the complexity of your purchase contract and the availability of all parties, closing on a home takes 43 days on average, according to data from ICE Mortgage Technology.

The title company or attorney will prepare closing documents ahead of your closing appointment after completing a title search to verify that the home you’re buying is eligible to be sold by the seller. On the day of closing, you can estimate that you’ll be at your closing appointment for as little as half an hour to several hours. 

How long does it take to buy a house FAQ 

What is the fastest way to buy a house?

The fastest way to buy a house is to pay in cash and to agree with the seller to a quick closing timeline. However, these quick sales will still need to account for necessary processes, such as title searches.

Can pre-approval speed up the homebuying process?

Pre-approval can speed up the homebuying process, especially if you plan to move forward with a mortgage from the lender who pre-approved you — the lender will already have your information. Plus, sellers are more likely to accept your offer if you have already been pre-approved.

How long should you wait to buy a house after getting pre-approved?

After getting pre-approved, you can begin the homebuying process immediately. Since many lenders make their pre-approval letters available online, you can include one in an offer as early as the day your pre-approval is approved. Your pre-approval letter should also be good for up to 90 days, but you can get another one if it expires — you’ll just need to verify your finances again.

What can delay the homebuying process?

The homebuying process can be delayed for many reasons, including discrepancies in your application, the timeline for agreed-upon repairs, and issues with the title search. While some potential delays are out of your control, you can work with your real estate agent in areas you can control, such as submitting paperwork, negotiating an offer, or arranging homeowners insurance.