3 things you should KNOW to find a great apartment in NYC
You or your agent shouldn’t just rely on a website. In 2018 The NAR estimated that only 50% of online property searchers ended up buying a property that they found online.
Why is that, where were the other 50%, and what does that mean for you?
#1- Your agent should be looking daily at ALL the online portals- not just the same ones that you can use, but also the industry systems you may not have, that will show them-
Temporarily Off the Market listings
Unfortunately many agents think it’s a lot of extra and fruitless time spent- BUT ITS EXACTLY WHERE THE OPPORTUNITY LIES FOR YOU
#2- Your agent should be treating your property search like a Job search- Networking, Networking NETWORKING!!!
NOT ALL PROPERTIES THAT ARE FOR SALE- ARE EVER LISTED- Why? Some sellers are afraid to go public with their desire to sell and don’t necessarily have to sell- so they ‘whisper’ or ‘pocket’ list.
#3- It’s not always the highest offer that the owner will accept- it’s the highest offer and terms that the owners think will actually make it to closing. Many offers are rejected, even though the offer price is higher
Keep in mind that roughly 75% of the apartments in NYC are Co-ops. If you are buying a Co-op or plan to finance your purchase- there will be a third party that will have a say in whether the transaction will close. Because of this, the seller of the apartment you desire will weigh many variables as they decide which offer to accept. No seller (or buyer) wants to waste valuable time pursuing a deal that ends up being rejected by a board or having financing turned down.
Our job is to make sure you and your offer are best presented, so that yours will be the offer the owner accepts and will have the best chance of closing. We believe the stronger we can make your offer appear on all levels, the better and harder we are able to negotiate for terms favourable to you. Sellers know that time is money- literally- thousands are spent on carrying costs waiting for a deal to close.
Forms to have ready
Proof of Funds/Pre-Approval
Letters of Recommendation-Personal and Business
our checklist for buyers-
Know your monthly Housing Budget- more goes into this than simply principle and interest payments. Coop Board and Condo Management Companies consider many factors in determining affordability for candidates in their buildings before they approve a deal- ask us, we can walk you through!
Work with a buyers agent- As a buyer you don’t normally pay commission. Sellers pay for both agents, and there is a reason even FSBO sellers will almost always still pay for a buyers agent. Even in a ‘buyers market’, you will be competing with dozens of other buyers and using an agent helps narrow your search, shows you are serious and lets the seller know that you will be prepared for the hardest part of the transaction- getting to the closing!
Get pre-approved or have proof of funds-it shows you are serious. If financing, you may find you can afford more that you thought and avoids time spent looking at apartments that won’t work for you.
Decide what you want- Among the items to decide on- location, apartment size and features, building features and amenities, co-op or condo, doorman or walkup. There are many things to consider when deciding which of these are ‘wants’ and which are ‘musts’. If you have any questions, please ask and we can walk you through some of the pros and cons of each.
Go to open houses in a few areas- even if you have an area in mind, it’s a great way to make sure and also to see what your options would be like in other areas.