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.
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.
The pre-approval process involves:
Submitting a mortgage application
Receiving a pre-approval letter detailing how much you can borrow
Setting your budget and criteria (1-2 weeks)
During this stage, you'll:
Research target neighborhoods
Interview and select a real estate agent
Stage 2: House hunting (1-3 months)
View multiple properties (often 10+ homes)
Research comparable sales
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.
Submit your offer with pre-approval letter
Reach an agreement on price and conditions
Submit earnest money deposit
Stage 4: Under contract period (30-45 days)
Schedule and complete inspection (2-4 hours)
Negotiate repairs or credits (2-5 days)
Bank appraisal (Weeks 1-2)
Lender orders appraisal
Review and address any valuation issues
Underwriting review
Receive final loan approval
Title work (Weeks 2-3)
Title insurance arranged
Review of any deed restrictions or easements
Final walk-through of the property
Arrangement of funds for closing
Stage 6: Closing day (2-3 hours)
Congrats! You're finally at the finish line. The big day involves:
Fund transfer
Recording of new deed
Tips for staying on schedule when buying a house
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.
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