Whether you are a novice home buyer or have been through the process before, the New York City real estate market is unlike any other, with its own particular set of nuances. Buyers have endless amounts of data available and are always best served by turning to a real estate professional to help them decipher facts and bring the virtual experience to life.
From jumpstarting the search to exploring new possible neighborhoods, here are key tips to safeguard a seamless home buying experience.
The Internet Does Not Replace a Visit
The Internet is a wonderful resource for initially viewing listings, and technology has advanced so much in recent years that you can even feel as if you are walking directly through an apartment. While online is a great place to begin, and brokerage websites are a good resource, not even the most discerning buyer can fully appreciate a property strictly through online viewings. When possible, it is best to visit in-person as everyone will experience ceiling heights, natural light and a neighborhood differently.
Categorizing Nice- and Must-Haves
Only in New York City can people have such strong opinions on their preferred side of a park; the street that is the end-all/be-all for living north, south, east, west of and an acceptable proximity to their favorite restaurant. During your search, it’s necessary to remain somewhat open-minded on certain predetermined boundaries. Other neighborhoods that are still close to an area you initially desired can have home style options not offered a few blocks over and are a better lifestyle fit. A willingness to explore these areas can open up new doors — literally and figuratively — that are still within walking distance of a favorite park.
Aside from location, nice-to-have and must-have features within the home are subject to change once people can experience an apartment in person. A home is a significant purchase and a milestone moment in many people’s lives. Even if a listing only checks five of the ten possible boxes, it’s worth an hour of your time to visit a place that is meant to last you for years to come.
All Feedback Is Good
When viewing apartments, it’s important to remember that no detail is too trivial to share with your agent. The agent was not responsible for the kitchen renovation, so it will not hurt their feelings if you dislike the choice of backsplash or cabinet layout. All feedback, even the negative, helps the agent refine the search and more productively present homes that would be a potential fit for your needs and wants.
Open and transparent communication is crucial because while it is a real estate agent’s job to listen and interpret appropriately, this can’t be done without your input. In addition, the experienced agent may be able to pick up on features that you seem to desire in a home that you didn’t even realize existed.
Walk a Mile in Their Shoes
For the most part, buyers have had the upper hand with recent market fluctuations. Some buyers have tried to heavily leverage this opportunity while forgetting that buying a home is a two-way street. One method we’ve seen with buyers is their submitting offers on home trying to win “a steal” and then wonder why a bid wasn’t accepted. Buying a property deals with two very personal topics for people — their home and their financials. To make for a more productive conversation, consider the offer from the seller’s perspective and ask if it is actually reasonable for the apartment and neighborhood. This will get a buyer significantly further along in the process than going into the negotiation strictly from their own viewpoint.
Allow Your Priorities to Change
As recent months have proven, the unexpected happens. This can cause a complete reevaluation of our day-to-day needs, including our home priorities. The home that was a perfect fit yesterday may not fit tomorrow with changing lifestyles, and it’s okay to accept that. While a smaller apartment with a comprehensive amenity package with a gym, sauna and game room was an essential before, many may see a larger apartment with a flexible layout as more valuable now.
Sharon Fahy
Brown Harris Stevens
sfahy@halstead.com
917-603-7160
Christopher Halstead
Brown Harris Stevens
chalstead@halstead.com
917-284-0849
