How long does it take to buy a house?

Get preapproved

Days: 8 to 10

The first step in purchasing a home is getting preapproved by a lender. In most cases, this takes about eight to 10 days. The purpose of a loan preapproval is to determine whether you qualify for a mortgage in the first place.

Additionally, you find out how much money you can borrow and at what interest rate.

A mortgage lender will look at your income, assets and credit score during the preapproval process. If you’re a first-time homebuyer, you may not realize just how much documentation you have to provide when buying a home. A brief look at the list of requirements includes:

• W-2s
• Tax forms
• Credit reports
• Pay stubs
• Bank statements

That’s just the start of the list. If you don’t have this information ready, it can slow the approval process. You’ll also still need to get full approval when you decide which home you want. But preapproval jump-starts the process and gets you conditional approval for a loan.

Preapproval is not the same as pre-qualification. Pre-qualification is a less intensive process (often a very early step), and the info it provides may not be quite as accurate.

» MORE: How to qualify for a mortgage

Find an agent

Days: 7 to 14

Finding a good real estate agent can make all the difference in the homebuying process. This person can help you find the right home, negotiate a fair price and navigate the entire process.

Finding the right real estate agent can take anywhere from a few days to a few weeks, depending on how many people you interview and how soon you can chat with them. Use these tips to find the right real estate agent — or to decide if you even need one.

1. Ask for referrals: Begin your search by asking friends, family and coworkers for recommendations.
2. Research online: Check out online reviews for agents in your area with a good track record.
3. Interview multiple agents: Interview at least three agents to get a sense of their experience and communication skills.
4. Check their credentials: Make sure you work with a licensed agent with good standing in the real estate industry.
5. Consider their expertise: Look for an agent who specializes in the type of home you're looking for and the local area you want to buy in.
6. Evaluate their communication skills: A good agent should be responsive, attentive and able to communicate effectively.
7. Decide if you need an agent: In most cases, it makes sense to have a real estate agent. But if the seller is a relative, you know the area well or you’re buying a home directly from a builder, you may not need one.

Hunt for your ideal home

Days: 30 to 180

Depending on your needs and wants, house hunting can take anywhere from one month to six months, though you can expect to spend around two to three months to find a home that's right for you.

House hunting can be the most fun, but also the most frustrating part of the process. One way to make it easier is by doing your research and having a clear idea of what you want. Make sure you:

• Only look at homes in your preapproved price range (not your desired price range)
• Know what areas you do and don't want to consider
• Know your non-negotiables

Following these steps can help you narrow down your search and avoid wasting time on properties that don't fit your needs.

“My best advice is not to try to find the ‘perfect’ home, because it doesn't exist,” said Steve Nicastro of Clever Real Estate. “Simply try to check off as many boxes as you can.”

You can also use online tools to search for homes in your preferred areas and price range.

Make an offer

Days: 3 to 30

Once you know which home you want, it’s time to put in an offer. This requires sending an offer letter that provides the terms of the sale and incorporates details about the price, whether you want the seller to pay closing costs and any repairs necessary before you close. Real estate agents will typically write the offer for you since they’re aware of the necessary technical jargon.

The offer letter gives the seller the chance to accept your offer. On the other hand, the seller can reject the offer, which means you’ll have to submit a different offer or find a new home entirely. The seller could also provide a counteroffer, which you can accept or reject.

If negotiations are necessary, this process can take a while. You can expect it to last anywhere from a few days to a month or more. However, if the seller takes your first offer, this can be a quick step toward purchasing a home.

Start the mortgage process

Days: 30 to 60

Once you've found your dream home and have an offer accepted, the next step is to secure financing through the mortgage application process. In total, this can take anywhere from 30 to 60 days and includes getting an appraisal and going through underwriting.

This is also where you'll provide earnest money, which is a good-faith deposit towards the property.

You’ll find that the process looks as follows:

• Order an appraisal of the property: This ensures its value aligns with the amount you're borrowing. According to Redfin, the actual appraisal takes just a couple of hours, but it can take up to two weeks to get the full appraisal report back.
• Your application goes to underwriting: Once the appraisal is complete, your application goes through the underwriting process. This is where the lender will scrutinize your financial information to ensure you meet their lending criteria. This process can take a few days to several weeks, depending on the complexity of your financial situation.
• Your lender will (likely) ask you for more documentation: During underwriting, the lender may request additional documentation, such as bank statements or tax returns. It's important to respond to these requests quickly to keep the process moving forward.
• You get your loan approval letter: Once you receive approval on your application, the lender will send you a loan estimate, which outlines all the costs associated with your mortgage, including the interest rate, closing costs and any other fees.

» MORE: Best mortgage lenders

Schedule an inspection

Days: 7 to 14

A home inspection is a critical part of buying a property. Unlike an appraisal, which gives an estimate of how much a home is worth, an inspection provides insight into parts of the property that require repairs or replacement. Though inspections aren’t always required by lenders, you shouldn't skip having one done.

If a serious problem turns up during the inspection phase, you can move back to negotiations or even pull out of the purchase. In most cases, your offer letter will cover what happens in the event there are issues.

A professional can inspect the home in a day or less, but you might need to wait for an opening in their schedule. It’s best to plan for a week or two here just to be on the safe side.

Close on your home

Days: 1 to 7

Once your loan is underwritten, you’ll receive a document called a Closing Disclosure. This document will contain the terms of the loan, including the interest rate and the amount you need to pay in closing costs.

Make sure to read this document and let the lender know when you’re done. Lenders must give you at least three business days to read the agreement before the closing meeting. Once the time is up, you’ll attend the meeting and make a down payment.

The entire closing process should take no longer than a week, but it could be longer if you run into any of these snags:

• An appraisal came in lower than the offer amount.
• An inspection turns up problems that aren’t easily resolved by the buyer and seller.
• There are issues with the title search, including liens, taxes or debts.
• The loan offer broke down because of a change in the borrower’s financial situation after preapproval.
• One of the parties backed out of the agreement.

Factors that may delay the homebuying process

There are a thousand little things that can delay the homebuying process. Some of the most common reasons include:

• Financing issues: This could include problems with your credit score, issues with your down payment or delays in getting preapproved for a mortgage.
• Home inspection issues: If your inspector finds any issues, it may take time to negotiate repairs or determine whether to move forward with the purchase.
• Appraisal issues: If the home doesn't appraise for the agreed-upon price, it may take time to renegotiate the terms of the sale.
• Title issues: This could include problems with the title search, issues with liens or judgments against the property or other legal issues.

However, there are steps you can take to minimize some of these delays, including:

• Have all the necessary paperwork ready ahead of time, including bank statements, tax records and proof of income.
• Communicate any changes in your financial situation to your lender.
• Work with a trusted real estate agent and lender who can guide you through each stage of the process.

According to Nicastro, your agent and lender must be good communicators.

“It’s also a good idea to set up Google Calendar alerts for important dates like when a home's inspection needs to be completed, key points in the loan's underwriting process, appraisal, etc,” he advised.

Bottom line

Every buyer and property is different, so the time it takes to buy a home can vary. However, most people will be able to make it through the process in 30 to 60 days. With some luck (and a solid understanding of the process), buying a home may go more quickly than you expected.

On the other hand, certain factors can hold up closing. Before deciding to work with a lender, ask about its average closing time. Some lenders offer guarantees to close within a specific number of days — and money back if you don’t finish on time.