How long does it take to buy a home?

How long does it take to buy a home?

One aspect to consider when buying a home is the length of time it might take for the transaction to complete.

Because of the nature of the property and financial markets, it can feel like you're on a roller-coaster: sometimes the ride goes quickly, and then it slows.

It can feel super-quick once you've got your loan pre-approved by your lender as these usually only last 12 weeks. 

Given that it can take four to six weeks for your transaction to complete, that means you have eight weeks at most to find a property, make a bid and have it accepted. 

It can be a white-knuckle ride because if your pre-approval expires, you'll have to reapply again.

The slow part is when the offer is made and accepted. The transaction must go through the legal and financial machinery. You're ready to go, but the system will make you wait.

If this all sounds complicated, this list of key milestones may help you prepare to enter the property market or upgrade to a better home. 

How long?

The time it takes to buy a property depends on several factors. Ideally, it will take no longer than six weeks if there are no complications along the way.

Your team

It's a good idea to line up your team before beginning your property search. The first members might be your bank officer or mortgage broker, who will help you obtain the most suitable mortgage product at an amount you can afford. A lawyer is essential, too. They will step you through the various stages that are required. Of course, don't forget your agent!


Ideally, you have savings and a credit score that a lender will find attractive. You can work with a mortgage broker, who will show you loan products from various institutions. They will also help you with the paperwork. If you go to a bank, you should be assigned a loans consultant to help you. Your pre-approval used to be done on the spot but can now take a couple of weeks because lenders are more cautious

The hunt

Finding the right home is the next stage so check out listings in the area you want to buy.

Waiting game

So, you've found the dream home. This is where the roller-coaster ride slows. It can take around 50 days to close from when your lender agrees to convert your pre-approval into a fully-fledged loan that they'll underwrite.

Important note

A pre-approval is not the actual loan. It is just proof of how much a lender is willing to offer you if they believe you are buying a property at market value or less, your financial circumstances have not changed and mortgage costs have not risen. The actual loan may take 30 days for approvals.

Don't panic

With a good agent, you'll have no problem navigating these steps. They seem a little scary, but 4 million homes are bought and sold in America every year. So, the system does works. 


Let us help you make it in the shortest time possible!

Follow Me on Instagram