Timeline for purchase - when to start looking

Started by ebabrah
over 13 years ago
Posts: 79
Member since: Oct 2007
Discussion about
We are looking to move back into NYC next June or July, possibly buying a 2 bedroom on the UWS. When should we start looking seriously? Definitely not looking for a gutjob, so won't need a ton of time to renovate. Will we be OK if we start looking at the beginning of 2012?
Generally, it can take 60 days for a condo to close and 90 days for a coop to close AFTER you are in contract, assuming everyone wants to move that "quickly", with a condo maybe closing sooner than that and a coop maybe closing longer than that. That is if you have your financial records and other application materials ready to go and you don't have problems with your loan.
To move in July 1 for a coop, you'd best be in contract by April 1. Contracts seem to take longer these days, so instead of a week from accepted offer to contract, it might take 2 or 3 weeks, bringing you to early March for having an accepted offer. Condos are *much* easier, and a good bit quicker.
Yes, beginning of 2012 is a reasonable time to start, so long as you keep your eye on the calendar. The good news is that buyers can accelerate the process if they need to by bidding close(r) to the ask if they want to. Don't wait to get your loan as locked up as it can be, and to keep updating your financials for the application. Good luck!
Agree with Mattingly - if you are financing, definitely speak to your banker or mortgage broker in early 2012 to make sure all your ducks are lined up and there are no surprises when you find the right place down the road....
Depends how picky you are. If you have very specific requirements, and/or insist on getting a great deal, I'd recommend starting to look fall 2011. If you're relatively easy-going, starting january 2012 should be fine.
Generally agree here. I think estimates for coop closing beyond 90 days is a little extreme for the majority of cases.
But what do you want? Do you have kids? Need to buy in particular school districts? Are there other "requirements" that will limit the field of options? If this has to go off with the timing you describe and anything else will create a disaster, then you can't be laid back about it. Begin now or the fall. Become an expert on your market niche. Narrow down the neighborhoods you want, and figure out which buildings to keep an eye on. Get a handle on what you can actually afford and what you accept you'll have to compromise on (e.g., "No way can we afford outdoor space if we need 2 real bedrooms," or "we aren't seeing anything in good enough condition and we better budget for renovation beyond what we thought," or "I guess I could give up a doorman if it meant more space," etc).
There are two major times a year when listings surge: the fall and mid-winter into spring. If I were you, I wouldn't miss out on this fall and using that time to seriously educate yourselves and focus your thinking and eliminating some unknowns.
Finally, begin now to run your credit scores and reports and to clean up any problems. If looking at coops, shift any assets now if you think doing so could make you a more appealing candidate. And it is never too early to begin purging all that crap you once thought you couldn't live without. It'll help you sell your current home faster (if you own now), and make moving less stressful and easier. Forget yard sales. Bundle it up and donate it to the ASPCA, an AIDS organization like Housing Works, a local nursing home thrift shop...The tax deduction is worth more than yard sale proceeds and less aggravation.
We looked for four years, and just closed last month. We're picky, and we enjoy educating ourselves. If you want to educate yourself, starting "early" is never early enough. Why not start looking now?
Having just closed as well, I second Isle of Lucy's advice. It's never too early to start.
Thanks for the advice. We currently live in the burbs but are moving back due to job changes. Ideally we would buy a 2 bedroom in the UWS. Would be nice not to have to move a second time, but could certainly rent for a year if need be.So I guess we will start looking around/educating ourselves in the fall and be ready to jump in early spring if we find something we like.
ebabrah, I think it's less about jumping on something, and more about figuring out your likes and needs, and watching that list evolve as you see more places.
For me, what I found interesting was that there was one thing in particular that had *never* been on my "must haves" list, but after looking for a couple of years, that one item moved to the top of my list. Since I couldn't have everything, I found that looking for a long time really helped me define my own personal "must haves" list, educated me on what I could live without, and surprised me on what I *had to* have as I became more educated.
Lucy, what was the new must-have?
dealboy, I'm glad you asked.
I'll start out with the one that was kicked off the list: in-unit washer/dryer. That was initially an absolute must, but after a few years of looking, I realized it really wasn't a must as long as the building's laundry room was fine, dandy, plentiful, clean, and working. Now that I'm there, I realize I was right in my personal assessment. Score one for me.
The new must-have was a walk-in shower. I'm sick of those bathtub showers with a curtain, or worse yet, a moldy slide-door. I wanted a bona fide, 2-person, non-pole-vaulting-walk-in shower. No, I didn't want to renovate. This must-have is tough to find in a pre-war. It was tops on my list.
Now that I'm there, I realize I was right in my personal assessment. Score *two* for me.
Again, this is a personal assessment, and it is contained in the Isle_of_Lucy must-have list, nobody else's. What I was trying to convey to ebabrah was that s/he needs to start looking *now* to determine his/her list, which will clearly evolve, as s/he becomes educated. That's why s/he needs to look early and often.
Just like voting.
Look early - in my case, I started looking about 9 months before I ultimately closed, and it took me 2 months from contract signing to close. It gave me a feel for fair prices for "good" units, and within a month or so, I had a sense in my head of where the market was, and which sellers were delusional. It also gave me a sixth sense for "when to move quickly" when I found the apartment I knew I wanted.
I second Isle of Lucy's comment about "must haves" changing as you look. I went from needing w/d in unit to having a decent laundry room (hah, now I send my laundry out, but that's irrelevant), and in exchange, took a pre-war w/ an elevator and dishwasher. I knew I wanted no doormen, but wanted a vigilant live-in-super who accepts packages. It helped me disregard a lot of the noise that brokers like to write in their descriptions.
Good Luck!
Thanks all.