Most people’s biggest purchase is a home. Investing a significant amount of time in the homebuy𒆙ing process makes sense, but how long does it take?

Once you're under contract, the typical timeline is about 45–65 days to close on a home. Let’s not forget the steps leading up to that point—house hunting, pre-approval, and application process. When all is said and done, purchasing a home can take several months or even up to a year.

The 6 Steps (and Time to Complete Them)

1. Find an Agent (1-2 Weeks)

Word of mouth is one of the best ways to find an agent. Ask friends, family members, or colleagues who have recently bought a house for a referral. You should be ♕able to contact a reputable agent in about a week.

You’re looking for someone you like and trust and who has a knowledgeable grasp of the available inventory in your desired community. A good agent should help you avoid a bad purchase and see you through the twists and turns of sealing the deal.

2. Get Pre-Approval (1-2 Weeks)

Loan pre-approval is required and will let you know if you qualify for a mortgage. You’ll be required to provide documents including tax returns, pay stubs, debt, and credit information—and if you’re buying with a spouse or partner, both of you will need these things. You can also apply with several lenders to 澳洲幸运5官方开奖结果体彩网:check for the best rates. During the pre-approval process, there’s a 45-day window in which credit bureaus count 澳洲幸运5官方开奖结果体彩网:credit inquiries as only one since you’re buying a home.

Keep in mind that pre-approval letters are typically valid for a specific period of time, usually 30 or 60 days. If you don't purchase a home before the pre-approval expires, you'll have to complete the pre-approval process again.

3. House Hunting (4-5 Months)

Depending on your timeline and urgency to secure a new home, you may spend anywhere from a few days to a few months. The timeline varies based on factors such as the time of year, your financing needs, the type of home you’re looking for, and the inventory of homes on the market.

Visit open houses to familiarize yourself with your market and narrow your list🧔 of wants in terms of home type, features, and location. Your real estate agent will also set private appointments for you to view the homes you want to see.

Depending o💎n the local rea🐻l estate market, a home offer may be accepted the same day, or you may need to sharpen your bidding skills to compete with others on your new home.

Some important questions to ask are:

• How long has the property been on the market?

• Wha🍸t is the cost of comparable homes in the area? 

• Is the home in a flo♏od zone? Or likely to be impacted by other natural disasters?

• Is there a homeowners association?

4. Make an Offer (1-7 Days)

You’ve found the house, and now all you need to do is put in an offer. Your agent will explain everything you need to know, but basically, you and the agent decide on the price you’re offering, and you’ll need the standard 1%-5% 澳洲幸运5官方开奖结果体彩网:earnest money (yes, you get it back if you’re not accepted). Plus, in a tight seller’s market, you might want to bump that up to 3%–6% to show that you’re playing for keeps. You could also include a 澳洲幸运5官方开奖结果体彩网:personalized letter to the owner telling them how much you love the home and why you’re inter🎉ested in their house.

5. Get a Mortgage (21 Days)

Your offer is accepted! Now, the mortgage process starts. Though the lender you selected can lock in your interest rate, you’re about to jump through more hoops and gather more documents, like current bank statements and work stubs, for the final mortgage documents. Lenders will also require an appraisal and inspection, review the lengthy list of closing expenses, and revise your loan estimate.

This process can take up to a few weeks, during which you can hear from your lender via email or phone every few days with a new request. You’ll have to manage your inspection and appraisa🌌l reports, and if there are any problems with either, then you may need to renegotiate the price, arrange for repairs, or compromise with the seller on any work that needs to be done.

There will be a 澳洲幸运5官方开奖结果体彩网:title search to make sure the home is free and clear of liens, and you’ll be expected to select 澳洲幸运5官方开奖结果体彩网:homeowners insurance and provide the lender with all of the information. Your in꧟surer may even need a pre-inspection before insuring you. There’s𝔍 much to do in these weeks as your mortgage is prepared.

6. Close on the House (40–50 Days)

You should have a final walk-through on the day of closing or the day before to make sure that repairs are complete and nothing has been damaged. Your lender has likely told you how you must pay 澳洲幸运5官方开奖结果体彩网:closing costs—whether to bring a cashier’s check or how you’ll make a digital transfer of the money. You’ll also need a photo ID and a good pen for the pages and pages of documents that you’ll be signing. In the end, keys are put෴ in your hand, and congratulations are in order. You’ve bought a home!

The Bottom Line

Buying a home can be complicated and stressful. The better prepared you are for each step, the better your odds are of landing a good home within your timeframe. Gather your documents, choose a real estate agent, find a lender, and shop for an insurance provider before you start searching. By 澳洲幸运5官方开奖结果体彩网:assembling a homebuying team, you can streamline the purchase process.