A timeline of how long it takes to buy a home (on average)

From market conditions to location to your individual finances, the path to get there buy a house can look completely different from person to person. (For a quick overview of what this area can look like, consider some of these the first time home buyers I have interviewed).

According to October 2024 Data from ICE Mortgage TechnologyThe average time to purchase a home from contract to closing was 44 days. Of course, this timeline doesn’t take into account the pre-purchase stages, like setting your budget, deciding where you want to live, and finding an apartment you actually want to buy. For example, my mother is currently moving – just down the street, but still a move is a move. I followed them every step of the way, and their time frame was (anecdotally) a 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 is an easy-to-understand timeline that details how long most people can expect at each stage of the home buying process.

Stage 1: Pre-purchase preparation (1-2 months)

When you’re thinking about buying a home, there are a lot of things that go into the timeline before you even think about house hunting. Let’s break it down.

Get pre-approved (3-7 days)

A Pre-approval The letter is the key to making your offer more attractive to sellers. It can also streamline the buying process since getting pre-approved can speed up final loan approval once you find a home you want to buy. Additionally, the pre-approval process is the best opportunity to uncover any problems with your credit or finances early on, giving you time to address them.

The pre-approval process includes:

• Collecting financial documents (pay stubs, tax returns, bank statements)

• Submitting a mortgage application

• Have your creditworthiness checked

• You will receive a pre-approval letter detailing how much you can borrow

Determine your budget and criteria (1-2 weeks)

One of the biggest challenges when buying a home is figuring out exactly how much home you can reasonably afford. It’s important not to skip this step and just stick with the number the bank gives you, because you probably don’t want to end up in poverty paying so much on your mortgage that you’re left with little savings for other expenses . The “25% rule of thumb” as a helpful, if conservative, guideline; in this calculation, you aim to spend no more than 25% of your net monthly income on your mortgage and property taxes.

In this phase you will:

• Determine your comfortable monthly payment

• Research target neighborhoods

• Make a list of must-haves and nice-to-haves

• Interview and choose a real estate agent

Stage 2: Looking for an apartment (1-3 months)

The duration of this phase varies the most depending on market conditions and your specific needs. In this phase you will:

• View multiple properties (often more than 10 houses)

• Take part in the open days

• Research comparable sales

• Refine your criteria based on what you see

Once again, the current market conditions can significantly impact this schedule. In a seller’s market, you may need to act quickly and make multiple offers before one is accepted.

Phase 3: Offer preparation and negotiations (3-7 days)

Once you find “the one,” things move quickly because you:

• Submit your offer with a pre-approval letter

• Negotiate the terms with the seller

• Achieve agreement on price and conditions

• Sign the purchase contract

• Submit a serious money deposit

Level 4: Contract period (30-45 days)

This is the phase of the process where details matter the most, but much of the work will likely be done by your attorney and your lender as you sign a lot of papers and email them with updates every few days. This phase includes:

Have a Home Inspection (Week 1)

• Schedule and full inspection (2-4 hours)

• Check the inspection report (1-2 days)

• Negotiate repairs or credits (2-5 days)

Make sure you save your home inspection report and convert it into one DIY to-do list after purchase.

Bank Review (Week 1-2)

Mortgage Processing (Weeks 1-4)

• Submit additional documentation to the lender

• Underwriting verification

• Address any conditions or questions

• Get final loan approval

Title work (week 2–3)

Stage 5: Final preparation (1 week)

The final section includes:

• Last viewing of the property

• Review of financial statement disclosure

• Providing the funds for completion

• Scheduling the closing time and location

Stage 6: Final day (2-3 hours)

Congratulations! You’ve finally reached your destination. The big day includes:

Tips for staying on schedule when buying a home

There are many circumstances that can lengthen the home buying process. The appraisal could be low and, for example, force you to renegotiate your offer. Or the inspection could reveal problems with the property that require extensive negotiations with the seller about who will pay for the repairs. You may also have difficulty getting your mortgage approved or experience delays with other banks.

With so much of the real estate market out of your control, you’ll want to keep the process moving by keeping track of what you can control. Respond to any requests for documentation or signatures as quickly as possible and ensure you have your money when it’s time to close. And of course, even if we all should If you know certain terms, there’s no shame in that Quick refresher on all the terms you need to know when buying a home This will allow you to respond faster and be better informed when your attorney gives you the latest update.

Keep in mind that while this timeline represents a typical home buying process, every situation is unique. By working with experienced professionals and staying organized, you can keep your purchase on track and minimize delays.