Buying in the NYC real estate market is no easy task and definitely not for the faint of heart. Remember, you’re playing in a top arena. NYC is one of the most desirable cities in the world, after all! And you need to be prepared to go into the buying process from a realistic perspective as well as ready to compete with the big dogs. Seriously. You have to be in it to win it from the start; otherwise, you could lose out on what could possibly end up being your dream property. And for that matter, if you think you’re going to come in with an offer under the asking price, and still win the property — well my friend, you’re in for a rude awakening .
You have to come in clean, strong, (within the realms of reality) with a good head on your shoulders and in it to win it!
Alright, without further ado,. Here are 5 of my top tips on how to be a buyer in the NYC real estate market now — and do it right!
Know Your Price
The worst thing to do when entering the NYC market as a buyer is to be unsure of your price. You can’t be wishy-washy and expect to still win your desired property. Be realistic and honest with yourself about your budget and what you are willing to spend on a property. And once you come up with that figure, you will most likely have to be prepared to be able to go a little above that number because you will probably end up spending that entire amount and a little beyond it. Again, that is just the way the NYC market is and it’s better to be aware of this now so you can get your head in the game and your eyes on the prize.
Make a Bid’
Of course, once you know your price, the next step is to get in there, make your bid and put a deposit on the property. Don’t vacillate, twiddle your thumbs and ponder your decision too long. You can’t hesitate in the NYC real estate market or you will be left out in the dust! There really is no time to waste, so don’t hesitate and once you have finalized your price that you are comfortable with, go in and make your bid.
Don’t Play Games
Another big no-no in the NYC market. Again, this goes back to why you can’t be indecisive when buying a property in NYC. You need to come in strong with your bid and then not play any games. Come in with a realistic bid for the property in the range of the asking price, and then hold steadfast to that bid. Don’t humor yourself into thinking that you’re going to get the property with some unusual contingency offer involving the place you’re selling, your cat, dog, canary, car, etc…! Again, the idea is to come in with a clean and strong offer.
However, in the event that you do need a contingency with your offer, make sure that you have done your due diligence and it’s buttoned up. This means that you have your mortgage broker and a pre-approval ready to go to show the sellers.
Keep Up-to-Date
Just like with any endeavor you wish to pursue in any market, it is best to be aware of the current trends and be as up-to-date with the industry as possible, to set yourself up for success, improve your competitiveness and amp up your performance. When entering the NYC marketplace as a buyer, you should review what’s happening online in terms of the properties going up for sale, as well as keep a watch on the properties that are going into contract quickly so you know what you’re going up against. That way, you know what asking range you need to be in to come in with a strong offer, and you can make your bid and scoop up the property.
Team Up With a Top Buyer’s Agent
What did you think would be my last tip? Of course, what better way to set yourself up for success and win your desired property in the NYC real estate market by teaming up with a top buyer’s agent….like me! We will be with you every step of the way, driven by our years of experience and industry know-how to help you smoothly navigate though the process, be realistic with your price, and come in with a strong bid to get your property.
Got it? 5 easy tips to ensure you know how to be a successful buyer in the NYC real estate market. You got this!
Are you in? Let’s do this.
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