How Long Does It Take to Buy a Home?

The exact time that it takes to get from the home search process to turning the key and walking into your new home can vary. Generally, it’s best to estimate 2-3 months for the home search process and 1-2 months for closing. 

But some searches last much longer and some paths to closing can bring up questions or work that takes much longer. Here are some things to consider on your path to home ownership.

The Home Search

If you are beginning your home search with a pretty good idea of what you want. This can help you search go faster because you know quickly if it is well-suited for your needs. However, if inventory is low in your area, you could face a long wait. It might take many months to find a home you like.It can be helpful to talk to a real estate agent about how long buyers have been looking and things that could potentially make the process take longer. 

Making reasonable purchase offers and not trying to negotiate a lot can speed the process up by making it more likely that a seller will accept your offer quickly. However, that can result in paying too much for your home. This can have negative impacts to your budget. In some cases, result in the purchase falling through if the home does not appraise for the value of the offer.

Getting to Closing

Preparing all of the legal documents, going through required inspections, and making any agreed-upon repairs is all part of the closing process. Typically, financing the purchase with a lender requires about 30 days to complete the closing process. Buying a home with cash generally allows you to complete the process much faster. It typically requires a substantial amount of money upfront. If you want or need to get a lot of inspections or appraisals. You’ll need more time to get these things finished.