You may have heard of a 30-day close, but how long does the home-buying process take end to end? 

Answer: Between 200 and 245 days (6.5 months to just over 8 months!)

Questions:

• Why do you think the home buying process takes as long as 200-245 days?
• What challenges could arise from such a lengthy process?
• Reflect on a situation where you had to wait a long time for something you really wanted. How did you manage your expectations and emotions during the waiting period?

Here are the ready-to-go slides for this Question of the Day that you can use in your classroom

Behind the numbers (Investopedia): 

"Steps to buying a home:

1. Find an Agent (7 Days)
   
2. Get Pre-Approval (8–10 Days)
3. House Hunting (4-5 months)
4. Make an Offer (5 Days)
5. Get a Mortgage (21 Days)
6. Close on the House (40–50 Days)

What Is the Longest Part of the Home Buying Process?

Actually closing on the home for which you've received a mortgage is typically the longest part of the home-buying process. Having a final walkthrough, paying closing costs, handling any inspection or repair issues, and negotiating and exchanging contracts takes, on average, around five months."

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Teach your students more about home-buying through the NGPF Mini-Unit: Buying a House!

About the Author

Ryan Wood

Ryan grew up with and maintains a love for learning. He graduated from the University of Wisconsin-Green Bay with a degree in Business Administration and worked in sports marketing for a number of years. After living in Texas, Colorado, Tennessee, and Minnesota, the call of education eventually brought Ryan back to his home state of Wisconsin where he was a Business and Marketing teacher for three years. In his free time he likes to spend time with his wife and daughter, play basketball, read, and go fishing. Now with NGPF, Ryan is excited to help teachers lead the most important course their students will ever take.

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