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How long does it take to buy a house?

Yahoo Personal Finance· Getty Images
Hal Bundrick
Updated 4 min read

You may have been waiting a long time to buy a house. Your income is solid; you've gotten your credit in shape and saved for the down payment. All the hard stuff, right?

Now that you're ready to jump in, how long does it take to buy a house?

Yahoo Finance estimates that buying a house can take anywhere from four months to nearly seven months. That's a pretty big range. But check out the timeline below, make adjustments for what you've already taken care of, and you'll have a good idea of where you are and how much longer it might take.

Read more: First-time home buyer in 2024 — What you need to know

You'll want to talk to lenders before you start house hunting. Shopping for a mortgage lender is one of the most significant steps in buying a house. The goal is to find the best mortgage lender with the lowest fees and most favorable interest rate. It is really a two-step process, beginning with a mortgage preapproval.

Ask for a Loan Estimate from each lender. It details expected loan terms, including the monthly payment and closing costs. It is not an official loan approval but can be a shopping tool to help you decide on the best lender.

It's a good idea to limit all your lender shopping to 45 days or less so that any multiple credit inquiries made by the lenders will have less impact on your credit score.

Once you narrow down your contenders to your favorite two or three, get a written preapproval from one of them — then start your home search.

The second stage of your lender competition will come after you have a buy-sell agreement in hand. That's when you'll get your lender finalists to fine-tune their offers and choose the provider with the best terms before submitting an official loan application.

Read more: 5 strategies to get the lowest mortgage rates in 2024

You may think all you have to do is contact the real estate agent on the for-sale sign of the house you're interested in. However, that agent represents the seller, not you. Instead, you'll want to interview and select a good buyer's agent to guide you through the search-and-offer process.

Talk to two or three and find a knowledgeable, responsive agent who stands out as a savvy negotiator.

Learn more: Best time of year to buy a house

According to 2023 National Association of Realtors research, before making an offer, home buyers looked at more than a half-dozen homes, plus researched houses online, during an average 10-week period.

If you've been thinking about buying a house, it's likely that you have already dedicated a big chunk of time to this.

Read more: How much house can I afford?

Making an offer on a house can be quick and simple — or protracted and complicated. A lot depends on the supply and demand of your local housing market. You may have to submit an offer to the seller and negotiate a couple of counteroffers until you get a final agreement.

Deftly handling these negotiations is when your real estate agent can really earn their commission.

Now that you have a signed purchase agreement, it's time to revisit your lending finalists and see which is willing to improve their loan offer. Your final choice may or may not be the lender who gave you the preapproval.

Read more: Will applying for a new credit card hurt my mortgage application?

After choosing the lender you want, you'll submit an application, and the underwriting process will begin. The lender will likely ask for additional documentation and have questions regarding your submitted paperwork.

The loan decision can take three or four weeks, with another week or so until closing. In the meantime, you'll be busy setting up and getting the results of a home inspection, preparing to move, nailing down homeowners insurance, and getting the results of the home value appraisal.

Three days before signing the paperwork, you'll receive a closing disclosure with a final tally of all the mortgage numbers.

Read more: How to buy a house in 2024

Before closing day, you'll conduct a final walk-through of the home to be sure any requested repairs or upgrades have been completed — or to ensure the home's condition hasn't changed.

Closing on the house will be an hour or two in a closing agent's office or a virtual signing session.