Buying a home takes about 10 to 12 weeks from the beginning (searching online) to the end (closing escrow). Once a home is chosen and an offer is accepted, the escrow period on a home typically lasts 30 to 45 days (under normal market conditions). However, well-prepared cash buyers have been known to purchase properties faster than that.
Market conditions play a significant role in how quickly homes sell. Buying a home in a hot market with a lot of sales activity may take longer than usual. This is because when business suddenly picks up, several parties involved in the transaction fall behind. A surge in home sales, for example, increases demand for property appraisals and home inspections. Still, there is no increase in the number of appraisers and inspectors available to do the work. Lender loan underwriting turnaround times may also slow. If each party in a transaction takes a day or two longer to complete their work, the entire process is delayed.