How to Make a Winning Offer on an NYC Home

The home-buying process is a rigorous one with many hurdles to tackle before you’re officially a homeowner. Once you’ve completed your search and found your dream home, there’s an important next step you have to take: making an offer. In New York City, how to make your offer will vary from property to property, but there is a basic process and some best practices you can follow. Whether you’re bidding on an Upper East Side co-op, a condo in Downtown Brooklyn, a Bed-Stuy townhouse, or anything in between, this guide will ensure your offer is a winning one that will get you into your new NYC home.

Basic Steps for Making an Offer

The first (and most obvious) step is to find the right home that fits your budget. This means looking beyond the purchase price and mortgage amount to encompass other costs, like monthly property taxes and homeowner insurance. If you’re buying a co-op, be sure to factor monthly maintenance fees into the equation, and if it’s a condo, know that you’ll have monthly common charges. If you’re financing, it’s ideal to obtain pre-approval for a mortgage, and have enough cash set aside for your down payment and closing costs.

After determining your budget and finding a home you’d like to bid on, your buyer’s agent will help you draft an offer that meets both the seller’s requirements and your own — while accounting for market conditions, competition on the home, the seller’s likelihood to discount the price, and other considerations. If you have any contingencies, or conditions that you want met before the deal goes through (appraisal, inspections, etc.), your buyer’s agent will help you clearly state them in your offer. And while the final closing date will be determined by your mortgage lender, it’s good to include an estimated timeline for the seller to take into consideration.

Improving Your Chances of Getting Your Offer Accepted

Standing out in a sea of buyers can be tricky, but it’s not impossible. Start off with a strong initial offer that suits your budget and is appropriate for the property and the neighborhood. It’s not always about who has the most cash on hand, so having flexibility on things like concessions or closing dates can also help you gain leverage in a competitive market. 

Here are some additional tips on how to make a winning offer on an NYC home:

Work With an Experienced Real Estate Agent

Working with an experienced buyer’s agent can ensure your offer is in pristine shape before submitting it. Buyers and sellers deserve to have the choice to work with an agent who is committed to their best interests and only represents them, and who has relevant expertise in the homes they are looking for.

If you don’t already have one, consider working with a StreetEasy® Expert buyer’s agent to help you on your path toward homeownership. Our complimentary StreetEasy Concierge can help connect you to an agent who has proven success helping buyers like you and will go the extra mile when submitting your offer.

Of course, price is an important factor in making a winning offer. A typical NYC home sold this year received 97.6% of its most recent asking price, about the same ratio as last year. That said, your offer amount relative to the home’s asking price should depend on a number of factors, including how long the home has been on the market and prices of similar homes in the area. An agent can help you run the “comps” (comparables), which tell you what similar homes in the area are selling for or have sold for recently. A buyer’s agent is also handy to have in your corner for negotiating with the seller, as they’ll negotiate on your behalf to get you the best possible deal.

Act Fast

In NYC, time is of the essence. So if you find a home that you love, act fast, because someone else might love it too. Recently, due to the still-limited number of homes on the market, StreetEasy has found that well-priced homes are selling fast. Homes that entered contract between January and July of this year spent a median of 71 days on market, 4 days faster than a year ago.

Sellers sometimes set a deadline for reviewing offers, and the earlier yours is in, the better your chances at making a good impression before another potential buyer does. But don’t stress about scoping out your competition at the open house. Your buyer’s agent should be able to share insights about things like how much interest there is in the home and how quickly you should act. 

Demonstrate Your Financial Suitability

Another key to getting your offer accepted is demonstrating to the seller that you have the financial means and flexibility to close the deal quickly and reliably, even in a challenging market. If you’re able to, consider making a higher down payment to show the seller you’re serious and in good financial standing. If you really want to boost your prospects, you might consider offering above the asking price, especially if the home has garnered a lot of interest. About one in five NYC homes sold above their initial asking price in July 2024. Of course, be sure to stay within your financial means and work with your agent to determine just how high is high enough.

Consider Market Conditions

Timing an offer is tricky, but make sure to consider market conditions. If interest rates are expected to rise further, it may be worth considering locking in a rate now, even if it means making a larger down payment. Some months tend to be more buyer-friendly than others, but in reality, the best time to buy is whenever you’re financially prepared to make this life change.

StreetEasy offers tools to help you better understand and track market conditions, such as our Data Dashboard and monthly market reports, which can be useful for a general overview. The NYC real estate market is incredibly complex, varying neighborhood by neighborhood, block by block, and even building by building. Ultimately, a buyer’s agent is your best bet to navigate the intricacies of the market, and will provide you with the best insights relevant to your unique situation. 

Understand the Purchase Process and Be Prepared

There are many different types of homes to buy in NYC, and the purchase process can vary for each. Buying a co-op is a uniquely arduous process, requiring a thorough look into your finances, an interview, and ultimately, approval from the co-op board. One of the best ways to strengthen your co-op offer is to have plenty of financial liquidity — in other words, enough cash on hand for a generous down payment, closing costs, and then some. Be sure to know the co-op building’s specific rules, as some don’t allow financial gifts from family or friends to be all or part of the purchase price; if they do, the board might require proof that it’s a gift and not a loan.

“Anytime you’re submitting an offer on a co-op, the board will want to see your net worth, and that’s really what it’s about,” said R New York agent and StreetEasy Expert Sandra Smith. “With co-ops, the number one thing is cash liquidity and how much you can put down. They will also want to see where the money is coming from, and how much you’ll have in reserves after your down payment.” 

The condo application process is often less time-consuming, but still can be difficult to navigate without expert guidance.

Whichever type of home you’re looking to buy, having a comprehensive financial package ready to go, with all the required documents such as tax returns, bank statements, and employment information, can improve your chances of closing the deal. Your agent can help you navigate any other criteria the board looks for in prospective buyers, and make sure your offer letter leaves no room for confusion.

_{StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property.This content is not intended to provide legal, financial, or real estate advice. Please seek the services of a legal, accounting, or real estate professional before any real estate transaction.}