Home Buying Process Timeline: 11 Steps Every Buyer Should Know

Buying a home takes about six months, give or take, from beginning your search to signing the final papers. While that might seem longer than expected, there’s good news for buyers: the market is handing buyers more of the negotiating power than it has in years.

There are still far more sellers than buyers in most markets, giving buyers leverage throughout much of the home buying process. Sellers are continuing to offer concessions, like closing cost credits and rate buydowns, at some of the highest rates on record, creating opportunities to lower your upfront costs or monthly payments. 

Whether you’re buying your first home or your fifth, understanding what happens at each stage can help the process feel more manageable—and help you know where today’s market gives you more room to negotiate.

Here are the 11 steps of the home buying process you need to know.

The home buying process at a glance 

1. Determine your budget
2. Get pre-approved for a mortgage
3. Find a real estate agent
4. Start your home search
5. Make an offer
6. Negotiate your offer
7. Start the closing process
8. Line up a home inspection
9. Finalize your financing and appraisal
10. Final walk through
11. Pay closing costs and sign paperwork

1. Determine your budget

Estimated time: 2-4 weeks

Before jumping into your home search, use Redfin’s affordability calculator to estimate how much house you can afford factoring in closing costs, taxes, insurance, and other unforeseen expenses beyond your down payment. 

In the past, experts have recommended spending no more than 28% of your gross monthly income on housing costs and keeping your total debt payments under 36% of your income. In today’s market, many buyers are spending more, with the typical homebuyer needing to spend about 40% of their income to afford a median-priced U.S. home right now. Knowing your true budget upfront can help you avoid stretching yourself too thin later in the process.

A few ways to stretch your budget further:

• Widen your search to nearby neighborhoods with lower price points
• Look into loan programs that allow lower down payments if you qualify, but be sure to factor in mortgage insurance if you’re putting down less than 20%.
• Ask your lender whether a seller-paid mortgage rate buydown could lower your monthly payment, since many sellers are offering concessions in today’s market..
• Build in a buffer for property taxes and insurance, which can shift your actual monthly costs more than buyers expect

Before applying for a mortgage, it’s also a good time to pay down credit cards, confirm your credit score is in good shape, file any outstanding taxes, and keep a paper trail for recent major financial transactions.

2. Get pre-approved for a mortgage

Estimated time: 1-2 weeks

A mortgage pre-approval is a lender’s assessment of how much they’re willing to lend you based on your income, assets, debts, and credit history. It not only keeps you realistic about your options, but it also shows sellers that you’re a qualified and serious buyer.

Don’t just default to your current bank. It’s best to shop around to find the best rate and determine the right type of loan for your situation. Mortgage rates have also been volatile, hovering in the low-to-mid 6% range, so even a small difference in rates between lenders can add up over the life of your loan if all other loan costs are the same.

Get the most out of your pre-approval:

• Get quotes and Loan Estimates from at least 3 lenders within the same 2-week window, since inquiries in that period typically count as a single credit pull
• Ask about a rate lock with a float-down option, which lets you take advantage of lower rates if they drop before closing.
• Check when your pre-approval letter expires. Most last 60 to 90 days, so if your search runs longer, reapply with updated info, especially if rates have moved.

3. Find a real estate agent

Estimated time: 1-2 weeks

A buyer’s agent is a licensed real estate agent who represents you, the buyer, and your interests throughout the buying process. The right agent understands the local housing market, knows how to negotiate on your behalf, and can help you navigate everything from making an offer to closing. That’s especially valuable in today’s market, where buyers often have the upper hand and a skilled agent can help you make the most of that advantage.

Ask for referrals, read reviews, and interview a few agents on their neighborhood knowledge, recent transactions, and availability. If you’re using a platform like Redfin, you can browse local agents’ profiles, see their past deals, and connect on the spot.

Questions to ask before choosing an agent:

• How familiar are you with the neighborhoods where I want to buy?
• How have you helped buyers negotiate price, repairs, or concessions recently?
• How will you communicate with me throughout the buying process?

4. Start your home search

Estimated time: 1-3 months

Begin your home search by defining your priorities: location, school district, bedroom count, home type, commute tolerance, and must-have features. Then start touring homes. Take notes on each property, jotting down standout features, concerns, and overall impressions so homes don’t blur together once you’ve seen a handful. 

Today’s buyers also have a little more breathing room during their search. The typical home is spending about 49 days on the market—slightly longer than a year ago—giving many buyers more time to compare options before making an offer. Well-priced homes in desirable neighborhoods can still move quickly, though, so it’s important to be prepared when you find the right one.

A few ways to make your home search more effective:

• Separate your must-haves from your nice-to-haves before you start touring homes.
• Save listings you’re interested in and set up alerts so you know when new homes matching your criteria hit the market.
• Ask your agent how long comparable homes have been selling for and whether recent price reductions signal room to negotiate.
• Don’t feel pressured to waive contingencies or settle for a home that doesn’t meet your needs.

5. Make an offer

Estimated time: 1-3 days

Once you’ve found a home that fits, move quickly. Work with your agent to set a competitive price based on recent sales, demand, and how the home compares to what else is on the market. 

Nationally, homes are selling for about 98% of the asking price on average, and only about 1 in 4 sell above the list. That’s a useful benchmark for how much room you might have to negotiate below asking. However, it varies a lot by home and neighborhood, so lean on your agent’s read of recent comps rather than the national number alone. 

A few things to lock in with your offer:

• An inspection contingency, so you can renegotiate or walk away over unexpected work
• A financing contingency, since rates are still moving week to week
• An appraisal contingency, so you’re not stuck covering a low-appraisal gap
• Your earnest money deposit, typically 1% to 3% of the purchase price. Ask your agent what’s typical locally: sellers in slower markets are often willing to accept a deposit on the lower end

Decide on a realistic closing date, then let your agent draft and submit a formal offer letter.

6. Negotiate your offer

Estimated time: 1 week

Counter-offers are common and should be expected when buying a house. These can include changes to the purchase price, closing date, or contract contingencies, and may go back and forth a few times before agreeing on terms with the seller. While buyers often focus on the purchase price, almost every part of an offer can be negotiated.

Nearly half of home sellers gave buyers some kind of concession in recent months, the highest share on record for that time of year. That means many buyers have room to negotiate—not just on price, but also on closing costs, repairs, and mortgage rate buydowns. Your agent can help you understand what’s realistic based on your local market.

If a seller won’t move on price, ask instead for:

• A credit toward closing costs
• A temporary or permanent mortgage rate buydown
• A repair credit for anything the inspection flags
• A home warranty for aging systems and appliances

A concession that lowers your closing costs or monthly payment can be just as valuable as a lower price, sometimes more so. In stronger seller’s markets, or for especially desirable homes, you might still be up against multiple offers, so know your budget and be ready to walk away.

7. Start the closing process

Estimated time: 30-45 days

Once your offer is accepted, you’ll enter escrow and begin the closing process, typically lasting 30 to 45 days. During this time, your lender finalizes your mortgage, the home gets appraised and inspected, a title search is conducted, and you’ll secure homeowners insurance, review the closing disclosure, and complete a final walkthrough before signing. 

Keep in mind a fair share of accepted offers don’t make it to closing. Roughly 1 in 7 home purchase agreements nationwide are falling through before closing, often over inspection issues, financing problems, or appraisal concerns. Staying on top of paperwork, responding quickly to your lender, and working closely with your agent can help keep your purchase on track. 

If your transaction does fall through, try not to panic. With more homes on the market, another home is likely not far behind. 

8. Line up a home inspection

Estimated time: 1 week

Once you’re under contract, you’ll set up a home inspection, usually within a 7–10 day window set by your inspection contingency. The inspector examines the home’s structure, systems, and major components, and flags anything that needs repair or further review. Depending on the property, your agent may also recommend specialized inspections a general one doesn’t cover, like pest, radon, sewer line, or roof, especially for older homes or homes with known risk factors in your area.

Review the inspection report carefully with your agent to understand which issues are minor maintenance items and which may require repairs or further evaluation. If there’s an inspection contingency, you can negotiate for repairs, ask for a repair credit or price reduction, or back out, and your agent will present any requests to the seller’s agent. If the inspection uncovers significant issues, don’t be afraid to negotiate before moving forward.

9. Finalize your financing and appraisal

Estimated time: 1-3 weeks

Even after pre-approval, you’ll meet with your lender to finalize your mortgage application, and the lender will order an appraisal to confirm the home’s value supports the loan amount. Once that’s done, it typically takes about two weeks for the lender to finish paperwork and issue final loan approval.

If the appraisal comes in low, you may need to renegotiate the price, cover the difference out of pocket, or challenge the appraisal. With sellers outnumbering buyers in most metros, many are willing to meet you partway rather than lose the deal. In the meantime, avoid opening new credit lines, making large purchases, or changing jobs before closing, since doing so could affect your loan approval. 

10. Final walk through

Your final walkthrough is to check that the home’s condition hasn’t changed since your last visit and that all agreed-upon repairs have been made, usually 24 hours before closing. Bring your inspection report and any repair invoices so you can check items off in person rather than relying on memory.

What to check on your walk through:

• Test major appliances, faucets, and light switches, and run the heat or AC if the season allows
• Confirm anything included in the sale, like blinds, fixtures, or appliances, is still there
• Verify repairs the seller agreed to were completed, and ask for receipts as proof
• Check that the home is empty of the seller’s belongings and left in the condition your contract specifies

If something’s off, don’t sign off on the walkthrough. Loop in your agent right away. Sellers can often agree to a credit, a short delay, or an escrow holdback to cover finishing the work after you move in, rather than holding up closing entirely.

11. Pay closing costs and sign all paperwork

Estimated time: 1 day

Come to closing with a government-issued ID and any requested documents, ready to pay your down payment and closing costs, usually via cashier’s check or wire transfer. Compare your Closing Disclosure against the Loan Estimate you got earlier, since your costs shouldn’t have shifted much without an explanation from your lender.

A few things worth doing before you sign:

• Confirm wiring instructions directly with your title company or attorney by phone, using a number you already have on file rather than one from an email, since wire fraud targeting closings has become more common
• Look at the Closing Disclosure line by line and ask about anything that doesn’t match your last quote
• Take your time reviewing the paperwork. You’ll sign the mortgage note, deed, and several disclosures, so don’t hesitate to ask questions before signing.

Once everything’s signed and funds are transferred, the deed gets recorded and the home is officially yours.

You’re ready for your new home

Market conditions still favor buyers across much of the country. It doesn’t mean the home buying process is easy, but it does mean you’re likely negotiating from a stronger position than buyers have had in recent years at nearly every step of this timeline. If you’re getting ready to buy, keep checking current conditions in your specific metro, since they can change faster than market data suggests—and that shift may already be underway.

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