How Long Does it Take to Buy a House?

If you’ve watched enough reality shows, you may think that you can buy a home within the span of a weekend. Unfortunately, actual reality doesn’t work that way! From the time you start house-hunting to the date the deal closes can be short. That is only if, the seller agrees to a quick closing, you have no conditions, and you’re paying cash. Otherwise, expect the process to take longer. It’s not all bad, though! The wait time ensures that you have your financing in place, you have time to sell your current home, and you can do all your due diligence for a smooth closing.

The Phases of Home Buying

When you’re trying to estimate “How long does it normally take to buy a house?” it’s helpful to break the process down into phases:

Preparing for House Hunting

The answer to “how long does it usually take to buy a house?” varies widely. It depends largely on how prepared you are. If your credit score is good and you have a down payment ready, it cuts the time down significantly. If, however, you need to improve your credit and save more for your down payment, your timeline could be longer.

Once you’ve worked on your credit score and you have enough for a down payment, you will need to get your mortgage preapproved. This can take 1 to 2 weeks, depending on how busy the lenders in your area are. You will also need a few weeks to find the right real estate agent and sign your buyer-agency agreement.

Once all that’s done, you can start on the next phase.

House Hunting

The length of this part of the house buying process depends largely on whether you’re in a buyer’s or a seller’s market. In a buyer’s market, housing supply exceeds demand, so there will be lots of houses on the market and plenty of options to choose from. In a seller’s market, there’s more demand for homes than there is supply. It might take you longer to find the right house.

With that said, buyers have to move quickly in a seller’s market; even if you have fewer homes to tour, you may have to make an offer very soon after a home you like comes on the market. Buyers in a buyer’s market, in contrast, can afford to wait until the perfect home is listed.

The season also affects the search time. More homes tend to come on the market in the spring and summer, making for a quicker search. Competition also heats up in spring/summer, so you may find that you need to act more quickly when you see a house you like.

Your financial preparation can make a huge difference when you’re figuring out “how long does it take to buy a house?” If you’re preapproved for a mortgage and have your down payment ready, you can jump on a good deal and make a more attractive offer to the seller, leading to a quicker process.

Offer Preparation to Contract Finalization

Preparing and submitting an offer usually only takes a few days. This is typically followed by a negotiation period that can last up to a week. If the seller is highly motivated, it’s not unusual for negotiations to be completed in a few days and the contract to be finalized 1 or 2 days after that. In the “how long does it take to buy a house” timeline, this phase usually flies by in a flurry of phone calls and meetings. Make sure you respond to messages immediately to avoid delays.

Under Contract to Closing

The length of this phase depends on the contingencies in your offer and how long the paperwork takes.

Generally, it takes 1 to 2 weeks to arrange an inspection and get the report. Following that, and assuming the inspection doesn’t turn up any deal-breakers, it takes a few weeks to get the appraisal, have your final funding approved, and complete a title search. Fortunately, the appraisal, funding approval, and title search don’t depend on each other, so they can be done simultaneously.

Following the completion of these steps, the timeline just depends on the agreed-upon closing date, which can be as short as a week, and as far out as a few months.

How Long Does It Take to Buy a House with Cash?

Buying a house with cash is typically a much faster process than financing a home purchase with a mortgage. Sellers are more likely to move quickly on a cash offer because there’s less chance of the deal falling through. In addition, there’s no waiting period for the buyer’s financing to be approved. Overall, paying cash for a house could cut several weeks to a month off the timeline.

How to Speed Up Your Home Purchase

If the answer to “how long does it take to buy a house?” is too long for you, here’s how you can make the process go faster:

• Get preapproved for a mortgage.
• Act quickly when you see a house you’re interested in.
• Work with an experienced real estate agent who is very familiar with the area.
• Respond quickly to messages from your agent, your lender, and your home inspector.
• Keep your paperwork organized.
• Be flexible about the criteria for your home as well as about the areas you want to search in.

Pay for the home in cash (not possible for everyone, but it does speed things up).

So, How Long?

So, how long does it take to buy a house? There’s a big range. On average, the process takes 2 to 4 months from pre-approval to closing. This can include the time to find a home, make an offer, and complete all the paperwork. The fastest reasonable timeline is 1 to 3 weeks (with a cash offer and a lot of inventory), while the longest reasonable timeline is about 6 months.

Always keep in mind that delays can occur. This can be due to financing issues, appraisal gaps, unmet contingencies. You may also have back-and-forth negotiations. Getting your mortgage preapproved, staying flexible, and being well-prepared can speed things up considerably.