Real estate agents are hitting the pavement every day helping buyers, sellers and renters navigate the complex New York real estate market. For StreetEasy Buyers Week, we asked a group of experienced NYC buyer’s agents for their advice to prospective buyers on a variety of topics.
Today’s question:
Is it really that different for someone to buy a home in NYC vs. another market?
Agent advice in a nutshell: Yes! Read on for some of the reasons why.
The stakes are high
“Yes, buying in NYC is similar to playing in the Super Bowl. The stakes are high, but with a game plan and with your team focused, it can be done.”
– Jacqueline Edwards, Perfect Quarters
“NYC real estate is unlike any other. It’s one of the most sought-after assets in the world, continues to break pricing records and is an architectural playground.”
– Bernard Klein, Blooming Sky
It’s all in the details
“From the condominium waiver to co-op approval, the purchase process in New York is very unique to any other market in the world.”
– Josh Rubin, Douglas Elliman
“The entire process of purchasing real estate varies from market to market based on different laws, customs and practices. For example, in NYC every transaction/closing requires an attorney representing the buyer, seller and bank (if buyer is obtaining a mortgage) and often the title company has an attorney representing them at closing. This is not the case in other states and other markets. There are also differences in the process of submitted offers, due diligence periods, when deposits are due, who drafts contracts and how closings take place. A buyer’s agent helps to manage these events and specific requirements throughout the purchase process.”
– Joseph Dima & Josiane Lysius, Corcoran
“The product available in NYC consists mostly of co-ops and condos, which are guarded by the respective board in each building. Navigating through this process can be tricky and an experienced broker can help you ease stress during this process as well as save you lots of time.”
– Takk Yamaguchi, Compass
Competition is fierce
“NYC differs from any other market in the country for the mere fact of competitiveness. We have so many buyers with high down payments and all-cash offers, it’s hard to showcase a buyer that has a lower down payment. There are also ways to compete in this market besides paying more.”
– Michael Napolitano, RE/Max
