That's a great question.... If the home is priced right you should have a ratified contract in under 30 days, if there are issues with the home, it might take as long as ninty days if it is priced right. The key here is "pricing" and making sure that a Market Analysis is completed prior to listing the home. It does no good to list a home above the current market value... there will be appraisal issues and lack of buyers looking at it.
The Sunnyvale, Cuppertino area of California is an area of it's own. I am a Realtor in the Central Valley, Modesto CA and we don't have the inflated prices you continue to see in yours. Because of your location, (location being the deciding factor) your home prices are higher. If you are willing to commute a distance and want a reasonable home price to compare to your rental, then Patterson CA would be a great option for you. Contact me if this is something you would like to take a look at.
A local lender can work up a rent/own worksheet for you in your local area. A lot of it will depend on what price range you qualify for and what you want your payments to be. If you give the lender your current rental payment they can tell you how much home you can buy keeping your payment the same. Don't forget that you will want to include your taxes and insurance in that "guesstimate" as well.
What a great time to invest in a home. The market has great pricing and getting qualified for a loan is easier than you think. The most important thing is to find a qualified lender. Get preapproved with them, then you are ready to talk to a Realtor.