Navigating New York City’s real estate market can be difficult, even for established residents. Before you begin your search for homes for sale in NYC, there are five major things to keep in mind.
1. You Need to Set Realistic Goals
Finding the perfect place is incredibly difficult. It’s best to prioritize what you want in your new abode and be ready to let go of the less important things. You should also heavily research prices, as home ownership tends to be more expensive than many people anticipate. You’ll need to be sure you leave room in your budget for repairs and updates, even if the house appears to be fine as it is. The boroughs regularly hold several of the spots on the list of the most expensive places to live in America and the decision to purchase should never be taken lightly.
2. You Should Have Financing Set
Before you begin looking, it’s helpful to be pre-approved for your mortgage. Not only will this help ensure you’re searching in the right price-range, but it will also make you a more appealing buyer. Additionally, it proves that you’re ready to move and gives you more power to negotiate.
3. The Market Moves Fast
This is one of the few places where homes can be gone in the blink of an eye. If you’ve already got your priorities set and your financing lined up, you need to be ready to jump. The house you want today can be sold by tomorrow. Furthermore, if you need time to think it over, it might be gone before you’ve decided.
4. It Pays to Network
There are still some areas in which homes are passed down through families or are only sold to known acquaintances. Despite being in a big city, it’s helpful to put the word out that you’re looking to purchase. You might even be informed of homes before they go on the market, which gives you an edge over the other buyers. Additionally, if you have some idea of where you’d like to purchase, try to rent in the area first. It will allow you more opportunities to network and mingle with potential sellers.
5. Negotiation is Always an Option
You may or may not get a deal, but you can always try to negotiate. Having an agent who knows the business inside and out can help you save money, so don’t be afraid to seek the advice of an expert. If you already have financing and are ready to move, it shows the seller that you’re a serious buyer. When the seller views you as a sure-bet, it puts you in a better place to reach an alternate agreement.
Naturally, there are other hints and tips to help you find the right homes for sale in NYC. However, use these tips for a basis the process will be much easier.
