Buying a home in New York City is unlike buying anywhere else. In addition to the usual stressors that come with home shopping, the NYC market has many intricacies, from co-op boards to neighborhood dynamics to unique financing requirements. Buyers need a professional with the right expertise on their side throughout the process — and that’s where buyer’s agents come in.

A buyer’s agent, or buyer’s broker, is a licensed real estate agent who represents the buyer through the home purchasing process. According to research by Zillow, in 2023, 88% of buyers nationwide used a buyer’s agent to shop for, search for, or purchase a home. A skilled agent can save you time and stress, help you buy with confidence, and ensure you get the best possible deal. Here’s why you should work with a buyer’s agent — ideally, one who represents only you and has experience in the neighborhood and types of homes you’re seeking — to buy your next home, especially in New York City.

88%

of buyers nationwide used a buyer’s agent in 2023, according to Zillow research

You can also learn about the benefits of using a buyer’s agent in this episode of our YouTube series, StreetEasy® Home School:

They’ll guide you through the entire buying process

A buyer’s agent is there to assist you from start to finish, long before handing you the keys to your new home. The buying process — especially in NYC’s unique market — can be long and complex, and it helps to have someone there for you at every step. From setting a budget to determining what you’re looking for in a home to coming up with an offer, you won’t have to do any of it alone. And if you’re buying a co-op, this includes helping you put together a board package and preparing you for the interview. 

What’s more, the work of a buyer’s agent goes beyond the nuts and bolts of purchasing a home. They’re also available to answer any questions you have, be your trusted advisor, and make the process as stress-free as possible.

They’ll help you understand the local buying market

Many of today’s buyers, especially in New York City, are confident, savvy, and well-informed. However, no one keeps a pulse on the local real estate market like agents do. They know it because they’re in it, constantly. They’ll help you understand the latest market data and trends, nationally and in NYC — down to the neighborhood you’re interested in — and what it all means for you as a buyer.

They’ll make your search more manageable

Inventory fluctuates, but during peak home shopping season, New York City has upwards of 20,000 homes for sale (you can use the StreetEasy Data Dashboard for more inventory metrics). It can be overwhelming, and there are many factors to consider: budget, neighborhood, transit, school districts, amenities, home type, desired timeline, etc. Why not just give a buyer’s agent your criteria, and have them come back to you with a curated list of properties that meet your needs? Or, if you’re not quite sure what you want in your next home, an agent can help you refine what you’re looking for.

They’ll use their hyper-local, specific expertise

Buying a home in NYC is unlike buying anywhere else. The local market varies down to the neighborhood, block, or even the building you’re looking to buy in. Moreover, the city’s one-of-a-kind real estate landscape is full of nuances: co-op, condo, townhouse, mansion tax, pre-war, classic six, etc. A great buyer’s agent — like the agents in StreetEasy’s Experts Network — will have knowledge and experience in the types of homes you’re searching for, as well as hyper-local expertise of the neighborhood or building.

They’ll accompany you on home tours

There’s a lot to look out for when touring a property, and even the most savvy buyers can miss things. The seller’s agent can answer your questions, but since they represent the best interests of the seller, they may not be as forthcoming about an apartment’s drawbacks. Plus, there’s more to a New York City apartment than meets the eye: unexpected taxes and fees, potential resale value, renovations, and more.

A buyer’s agent can be your second set of eyes when evaluating properties, pointing out things you may have missed otherwise and making sure you’re getting the whole picture. In fact, they have a fiduciary duty to you to disclose any known issues with a property that may affect its value. Also, you can rely on them to talk to the seller’s agent and handle important conversations.

They’ll work with you to come up with a winning bid

Coming up with a bid on a home is both an art and a science. It requires a deep understanding of the market and what comparable properties have sold for, as well as a strategy to come up with not just any offer, but a winning offer. A buyer’s agent will work with you to decide on a smart, strategic bid that you can afford and are comfortable with — and make sure it has a chance of beating the competition.

They’ll negotiate on your behalf

Real estate negotiations can be intense, and the stakes are high. The difference between a good negotiator and a great one can mean hundreds of thousands of dollars. That’s a lot of pressure to put on yourself! Thankfully, if you work with a buyer’s agent, they’ll negotiate with the seller’s agent on your behalf to get you the best possible deal.

In addition, a buyer’s agent can negotiate not just the purchase price, but the timeline, financing, closing costs, and other components of the deal. Lastly, buyer’s agents often have expert knowledge on how much room there is for negotiation, as well as clever ways to save you money, like tax abatements and concessions.

They’ll introduce you to other professionals you may need

Aside from a buyer’s agent, there are other professionals you’ll need to hire when buying a home in NYC: at the very least, a mortgage lender and a real estate attorney. You may also need a home inspector and an appraiser. Your buyer’s agent can introduce you to these professionals, saving you the work of finding and vetting them on your own. Agents tend to have very robust networks, and you can count on them to refer you to the best person for your needs.

What does it cost to work with a buyer’s agent?

If a buyer’s agent successfully helps you purchase a home, they typically receive a commission — often a percentage of the home’s final sale price — that is paid to them at closing. The commission amount, and who pays it, is negotiated between the buyer, seller, and their respective agents. Sellers may offer to pay the buyer’s agent commission, but in other cases, the buyer may be responsible for it.

Whatever the arrangement, know that commissions are always negotiable. And before agreeing to work with a particular buyer’s agent long-term or exclusively, make sure you sign a buyer’s representation agreement, which will include the agent’s compensation and payment terms. Learn more about these agreements, and other written agreements you may encounter throughout the buying process.

Find a buyer’s agent with help from StreetEasy

Need a buyer’s agent, but not sure how to find one? Our dedicated StreetEasy Concierge can connect you with the right agent for the job — ideally, one who represents only you and has relevant experience in the neighborhood, building, or type of home you’re looking for.

Start by reaching out to the Concierge to tell us about your home search. Our Concierge will then connect you to a StreetEasy Expert whose experience matches your needs, so you can buy with confidence.

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 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. All data for uncited sources in this presentation has been sourced from Zillow data. Copyright © 2024 by Zillow, Inc. and/or its affiliates. All rights reserved.