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 is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.

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