It usually takes four weeks at the lower end to six months (or longer) to buy and close a home. But it can be faster if you make a strong bid right away in a fast-moving market or slower if you struggle to find the right place or continue to be outbid. Buyers can find and buy a home in as little as 15 weeks and up to eight months. Once you ratify a contract for your home, there is a period of time called a contract to close.
This part of the transaction can have two possible terms, one for a cash purchase and one for a funded transaction. A purchase that is not contingent on obtaining financing can be significantly faster than one that has a mortgage. A reasonable time frame for a cash purchase could be as little as two weeks. Traditionally, that time frame is determined by how quickly closing attorneys can conduct a title search, assemble the title folder, and prepare other necessary closing documents.
If you've explored homes online or gone through an in-person open house, you've started buying passive housing. Currently, homes stay on the market for an average of six days across the country, according to data from Zillow, an impressively fast turnaround time.