First-time home buyers spend three months, on average, from when they first start looking for a house until the closing. That start may include a preliminary search through magazines, drives through neighborhoods, and going to open houses and parade of homes showings.

Some first-time buyers start off contacting an agent and getting guidance throughout the process. Many buyers can make the best use of their time, and the agent's time they're paying for, by making sure their finances are in order first. There isn't much point in expressing interest in a home if you're not in a financial position to purchase it. On the other hand, you may be surprised by how much you can afford -- meaning in many cases how much you can afford to borrow and how much a lender is willing to loan you at a rate you can afford.

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