Five tips for buyers to ensure a successful transaction
New York City real estate can be tricky to navigate for first-time and repeat buyers alike. With endless amounts of market data available, experiencing the process firsthand is the best training for what one truly needs and wants in a home.
From creating the initial wish list to reconciling that a must-have might be more of a nice-to-have, the following tips can help ensure an elevated home buying experience.
Chris Halstead and Sharon Fahy
Don’t create your dream list from the Internet
The decision to purchase a home is an exciting one, and buyers often jump online to begin the process. While online listing aggregators like StreetEasy and others are good resources, not even the savviest buyer can fully appreciate every nuance through viewing listings online. Pros warn not to firmly set your sights on specific attributes solely through online viewing. The height of a low- versus high-floor, noise level from an adjoining wall, and the feel of the neighborhood are among the things best experienced in person.
Decode nice-haves and must-haves
In New York City, people can be very resistant to considering an opposite side of Central Park, moving outside a specific proximity, or venturing north or south of a particular street. It’s important to be open minded during your search and to look beyond these pre-determined boundaries. Through exploring new areas, more often than not, buyers have architectural options they did not know existed and find the perfect home within walking distance of the same park or perimeter.
Similar to location, nice-to-have and must-have features frequently change once people begin to see properties in person. A home is meant to last for years at a time – even if the listing does not appear to be a sweeping match, check the box and take a visit, it’s worth an hour of your time.
No detail is too small
While it is a real estate agent’s job to listen, it is the buyer’s job to share. It is important to communicate every detail of your dream home with your agent. And when viewing apartments, nothing is too trivial, and all feedback is good feedback, even if it is negative. An agent is not responsible for how an apartment was renovated so it will not hurt their feelings. Open and transparent communication ensures that the agent is able to focus the search and be more efficient in presenting you with homes that would truly be a fit. Your agent may also be able to pick up on features that you verbalized, but didn’t even realize.
Look at things from the seller’s perspective
The past two years have been a fluctuating market and many buyers have tried to take advantage of the opportunity. What they may forget is, buying a home is a two-sided transaction. We’ve seen buyers who will just put in offers on homes trying to get a deal and then wonder why it wasn’t accepted. Buying a home is a gray area because it deals with very personal topics to people – emotions and financials. When making offers, consider from the seller’s perspective if an offer is reasonable. This makes for a more productive conversation rather than going into with blinders on solely from your own viewpoint.
Allow your priorities to change
As we’ve seen in recent months, unexpected circumstances can cause our property-priorities to shift as we reevaluate what we need on a day to day basis. Trading space for an incredible amenity package may be something that was essential before, but is less so now. A small private terrace and a carve out for an in-home treadmill may for the foreseeable future be more valuable than a tricked out roof deck and state-out-the-art building gym. Priorities change, and lifestyles do as well. The home that may have been a fit yesterday may not be today, and that’s okay.
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