Steps of Homebuying

This Summer, my son has big dreams of building a treehouse. In a recent conversation about how difficult it would be, he said, “It’s not that hard. All you need is wood, a drill, and to build it. It’s just three things!” I admire his innocence, but in a way, he’s right. Sometimes we put really rewarding things off because we’re afraid of how hard the process will be. Buying a house can be the same way! 

Recently, Realtor.com partnered with Penske to share a realistic home buying checklist. It might be more than three steps but it’s (surprisingly) not as difficult as building a treehouse with a 9-year old. Follow these 9 steps and there’s potential you’ll be in your own dream home by the end of the Summer. 

Homebuying Timeline 

9 steps to buy a house, and how long they typically take. 

• Find a real estate agent: 1-2 weeks. It’s okay to interview agents before signing a contract agreeing to their representation!
• Get pre-approved for a mortgage: 2 days to 2 weeks. Keep in mind, most pre approvals expire anywhere between 30-90 days. Be sure to get a 90-day approval to give yourself a buffer.
• Browse real estate listings: 3 days to 3+ months.
• Schedule home tours: same as browsing listings. 
• Make an offer: 1-2 days. There’s no hard and fast rule on how long a seller has to accept or reject an offer, but standard practice is 24-48 hours
• Schedule a home inspection: 3-10 days. After your offer is accepted, you enter the due diligence phase where buyer and seller make sure everything is up to snuff. A certified inspector will alert you both to areas of the home that require attention
• Set up the home appraisal: 3 days to 3 weeks. This unbiased look at the home and surrounding area will help determine your lender’s willingness to back your loan.
• Get your loan approved: 3 days to 3 weeks. Getting pre approval helps speed this process along, seeing as underwriters will spend this time doing a deep dive into your financials.
• Close the deal: 2 days to 1 week. Once everything checks out, you’ll schedule a date to sign all the closing paperwork, get your keys, and move into your dream home!

See, it’s just 9 things! Couldn’t be easier.