It takes about six months to buy a house. It’s not just scrolling through the list and choosing your favorites. It involves many steps, each with its own timeline. Squared everything can make all the difference until you set a budget, get pre-approved, and close the deal.
Whether you are buying your first home or need a review, understanding each step in the home buying process timeline will help you avoid surprises and feel more confident along the way. Let’s break down the 17 key steps that every buyer should know. This will allow you to plan ahead and move forward clearly.
Home Buying Timeline:
1. Decide on your budget
Estimated time: 2-4 weeks
Before jumping to your home, the first step is to decide how much you can afford. You may have saved enough for your down payment, but be sure to explain the closing costs, taxes, insurance, and other unexpected costs you may incur.
Rule of thumb: spend less than 28% of your monthly total income on housing expenses and aim to keep your total debt payments below 36%.
It’s also a good time to check your finances. Pay your credit card back and make sure your credit score is in good condition. Reaffirm that you filed your taxes and that there is a clear paper path for major financial transactions you have recently made.
2. Approved in advance for a mortgage
Estimated time: 1-2 weeks
Pre-approval of a mortgage is a lender’s assessment of how willing they lend you based on your income, assets, obligations and credit history. It not only keeps you realistic about your options, but also shows the seller that you are a qualified and serious buyer.
It’s not just defaults to current banks. It’s best to find the best rate and shop to determine the type of mortgage that’s best for you. Please note that pre-approval letters have an expiration date. Be careful about you. Once the expiration date has expired, you can reapply for updated financial information.
>>Read: How to Be Pre-Approved for a Mortgage: 7 Steps for Success
3. Find a real estate agent
Estimated time: 1-2 weeks
Buyer Agents are licensed real estate agents who represent your greatest interests throughout your home buying journey. The right agents have expertise in the housing market, understand the area inside and outside, become familiar with local listing agents, and know how to negotiate.
Seek referrals from friends and family, read online reviews, and interview a few agents. Ask important questions such as your neighborhood, recent buyer transactions, and how well you know the availability of the show.
If you’re using a platform like Redfin, you can browse your local agent profile, check past transactions, and connect immediately.
4. Start searching for a house
Estimated time: 1-3 months
Start by defining your priorities.
Are you looking at homes for sale in Juneau, Florida or Miami? Are you ready to buy a home in a particular school district or nearby? How many bedrooms do you need? Do you like detached houses or are you open to townhouses? What is your commute tolerance? Are there any features I need?
Use online tools to explore the list and narrow down your options based on criteria.
5. Access the open house and go on a home tour
Estimated time: 1-3 months
When you’re touring multiple homes, it’s easy to lose sight of the details. Tour each property and write down outstanding features, concerns and overall impressions, and take note of them to help you compare later.
Ask agents’ target questions about property history, neighborhoods and market trends. Their insights can reveal hidden pros and cons you may be missing.
>>Read: What to look for on your home tour
6.Reapply for mortgage approval if necessary
Estimated time: 1 week
If you do not receive your pre-approval letter, now is the time. Most characters last for 60-90 days. If your search exceeds that, please reapply.
7. I’ll make an offer
Estimated time: 1-3 days
Once you find a house that calls yourself, it’s time to move right away. Please submit your offer as soon as possible after your house tour. Work with agents to determine competitive prices based on recent sales, current market demand, and how many buyers are interested. Determine important terms such as serious money deposits, contingencies (inspections, funding), and dates that highlight the offer. Your agent will draft and submit a formal offer letter to the agent of the seller.
8. Negotiating housing prices
Estimated time: 1 week
Counter offers are common and should be expected when buying a home. These include changes to purchase price, deadline date, or contract contingencies. You may go back and forth with the seller several times before you come to the terms you agree to.
In a competitive market, you can face multiple counter offers and bid wars, so it’s important to know when to get firm or leave.
9. Start the closure process
Estimated time: 30-45 days
Once the offer is accepted, we will enter escrow and begin the closure process. It usually lasts for 30-45 days. During this time, your lender will complete your mortgage, and your home will be evaluated, inspected and a title search will be performed.
Expect frequent communication with agents, lenders and escrow agents. They guide you through the final steps in the timeline of the home buying process.
You will also need to secure your homeowner’s insurance, confirm closing disclosures, and complete the final walkthrough before signing documents and transferring funds.
>>Read: 10 Steps to Close At Home: A Guide to the Closure Process
10. I’ll deposit my serious money
Estimated time: 1-3 days
After the seller accepts the offer, serious money (usually 1% to 3% of the home’s purchase price) is deposited into an escrow account or held by the listing agent. This deposit shows a seller who is serious about buying and keeps your place in the transaction.
Once the home is sold, the amount will apply to the closing costs. If the sale collapses due to reasons protected by your contingency (such as a failed inspection or financing issue), you will usually get your money back. If not, you may confiscate it.
11. Please order the title
Estimated time: 1 week
Within a week of reaching mutual acceptance on the offer, you will receive a preliminary title report from your escrow agent or attorney. This report ensures that property ownership is free of legal issues. When the transaction closes, you receive the final title policy as part of the end document.
12. Schedule a home inspection
Estimated time: 1 week
A home inspection is important as it can reveal material defects or necessary repairs before purchasing a home. Many states are responsible for investigating issues found during the inspection, so be sure to check the results of the inspection carefully.
If there is an urgent inspection, you can negotiate with the seller, seek concessions, or return from sale to cover the costs of a particular repair.
13. Complete the home sale
Estimated time: 1-3 days
Once negotiations are complete, it’s time to finalise and sign the purchase agreement. You can review and sign your purchase agreement, officially commit to your home, and get a step closer to closing day.
14. Complete your mortgage application and evaluation
Estimated time: 1 week
Even if you are approved in advance, you will still need to meet with your lender and complete your mortgage application. At this stage, the lender will also request an assessment to confirm the value of the property before moving forward.
Tip: If your rating is low, you may need to renegotiate the price or cover the difference from your pocket.
>>Read: How to prepare for a home evaluation
15. Get approved for the loan
Estimated time: 1-2 weeks
A licensed appraiser assesses the market value of a home by comparing recent sales of similar properties nearby. Once completed, it will take approximately two weeks for the lender to complete all the documents and approvals.
16. Final Walk
Estimated time: 1 day
Now is the time to make sure the state of the house has not changed since our last visit. This usually takes place 24 hours before the scheduled closing date, giving you confidence before officially taking ownership.
17. Pay the closing fee and sign all documents
Estimated time: 1 day
On the closing day, prepare your government-issued ID and requested documents. Be prepared to pay the down payment and closing costs, typically via a cashier’s check or wire transfer.
Review and sign multiple documents that complete the sale, including mortgage agreements and certificates. This step will formally transfer ownership, so make sure you understand what you signed over time.
You are ready for your new home
You have reached the final step in your home buying process timeline. Depending on whether your home is ready for move-in, there may be maintenance and modifications to take on before moving. Don’t forget to plan your mobile services, new furniture, appliances and utility setups. You can pay these after the house is yours, but we recommend putting them together into your budget or creating another post-moving budget. With your new key in hand, you are finally ready to make this place your home.
