Hiring a Closing Attorney
Finding an Apartment to Buy
Offer, Negotiation to Acceptance
(Estimated timeframe: 3 weeks to 3 months on average)
If you want things to move fast, you have to know what you want while also being realistic. Your budget will be a significant factor. The more cash you have for a down payment, the more options you’ll have and the stronger your offer will be. The length of your apartment search can take days, weeks, or even months. It depends on how selective you are and how stringent your preferences may be. Most buyers will see 15 to 20 apartments before making an offer. An Elika buyers agent would be happy to represent you in your search if you would like someone advising you on your purchase. The broker can preview apartments or set appointments to visit the better options that match your needs; this can save you time searching to find the perfect home. If an Elika agent is searching for you, ask for a shortlist of the most promising apartments. You or your agent should visit as many properties as possible.
Do not be fooled by advertisements. You absolutely must see the apartments first-hand before making an offer. To find the right property, you might want to read our article: Knowing what to look for in an apartment. Expect a lot of competition from other interested buyers if your budget is below $1.5 million. Other factors that will influence how long your search takes include:
Choosing a Property
A lot goes into deciding on what property is right for you. First off, you’ll have to decide whether or not to restrict your search to one particular type of property. Do you go with just co-ops, or do you include condos in the search? Along with deciding whether the property is right for you, you’ll also have to think about the neighborhood.
- Does it fit your lifestyle?
- Is it easy to get around from there?
- Does it have all the services and amenities that you desire?
There are dozens of homes to consider, which is why having an expert buyer’s agent is so essential in narrowing down your choices.
As a Real Estate Board of New York (REBNY) member, we can access all available New York City real estate listings. Our agents will work to find the right properties for you and keep you updated at all times. We don’t like to waste our client’s time, so we check up on all potential properties first. Unless it matches what our client is looking for, we won’t waste their time viewing it.
Once an apartment is located, we feel you would be happy with your confirmation and then schedule viewings for your convenience. We’ll then provide our clients with all the property facts, such as investment potential, market value, and more.
The more popular the neighborhood, the longer the search. Communities with high demand and low inventory include top-market areas like Tribeca, SoHo, Noho, Nolita, and West/Greenwich Village. In Brooklyn, people are drawn to the quaint, tree-lined streets of Brooklyn Heights, Cobble Hill, Carrol Gardens, Fort Greene, and Park Slope. The usual workaround is to find apartments close to, but not in, these areas.
Your Buyer Agent
Hiring the right buyer’s agent for the job can mean the difference between success and failure. The right agent knows the neighborhood in question, is familiar with the inventory, understands your needs and wants, and, just as importantly, is someone who can get along. Be sure to ask the right questions when interviewing potential agents.
Your ability to compromise
It’s sporadic for a buyer to find everything they’re looking for in a deal. New York City real estate is all about compromise. Decide early on what you need and would like but do not need it. Do you need a building with top-of-the-line amenities like a doorman, pool, and gym? You might need to forgo a one-bedroom in place of a studio. What about having a lot of space? You may need a bus to the nearest subway. If you don’t want your search to take forever, you need to be flexible in your wants and needs.