Last weekend, a crowd of more than 600 first-time home buyers jammed into the John L. Tishman Auditorium at the New School to attend StreetEasy’s First-time Home Buyers’ Seminar. And what were the main takeaways?
- Be prepared (Get preapproved, line up your agent, mortgage broker and real estate lawyer and be ready to go)
- Do your research (Explore some neighborhoods, understand the difference between a condo and co-op, look at comps for properties you like to get a sense of price patterns)
- Expand your parameters (That means both going above and below your budget – you never know what you can achieve with a bit of negotiation. Consider different neighborhoods and layouts. For example, could that one-bedroom be converted to a two-bedroom?)
- Be patient (If your offer is rejected, there’s usually a good reason. Don’t let it get you down.)
- Don’t assume the list price is non-negotiable
- Know what’s best for you. (Think about your lifestyle, how long you want to occupy this place and how you’ll use it.)
StreetEasy data scientist Alan Lightfeldt kicked off the program with a market overview and was followed by an expert panel moderated by NY Post real estate and travel reporter Zachary Kussin. The panel included attorney Linda G. Maryanov of Zimmerman & Maryanov; Dale Siegel, president of Circle Mortgage group and Ralph Modica, a real estate broker at Compass. The seminar concluded with a panel of first-time home buyers who shared their struggles and successes of buying a home in NYC.
Thanks to everyone who joined us. We hope you learned a lot! In case you couldn’t make it, here is the complete video of the event. Or, just click the video below:
Also, here are a few additional resources shared at the event that you’re welcome to download:
- Information in a Nutshell for First-time Home Buyers (PDF)
- 10 Tips for Getting a Mortgage in 2016 (PDF)
- Your FICO Score and You (PDF)
- First-time Buyer Research and NYC Market Overview Presentation (PDF)