Whether you’re looking to buy your first apartment or a longtime family home, the real estate market can be a confusing place. Luckily, some of New York’s most knowledgable pros share their top tips to keep in mind before taking the leap.
“Hire a broker who knows how to win a bid when it’s competitive, and to put in offers less than asking and still come out ahead.” –Stacey Oestreich, Douglas Elliman Real Estate
“A lot of buyers want ‘brand new,’ but keep in mind that older residences have often proven themselves. There can be a lot of upheaval and problems with even the best new developments.” –Tyler Whitman, The Whitman Team
“Meet with mortgage lenders and brokers early and find out what your buying power and flexibility is.” –Stacey Oestreich, Douglas Elliman Real Estate
“Think about your long-term needs. If you can stretch and get that extra bedroom now, it will save you in the long run when you want to upsize.” –Michelle Griffith, Douglas Elliman Real Estate
“Get your finances and credit in order, along with a pre-approval letter, and have enough cash in the bank to make a down payment and prove you can pay your mortgage.” –Yorgos Tsibiridis, Compass
“People like to say when it’s a bad market and why you shouldn’t buy, but sometimes that’s when you should buy. Generally, if people are saying that the market is hot, then that’s when things are really expensive and sellers are doing well. In New York in particular, it’s never a bad time to buy, even if interest rates are high.” –Tyler Whitman, The Whitman Team