First Time Home Buyer in Manhattan, New York
a guide for first time home buyer
Manhattan, NY
featuring guidance from Janet Temidayo
WELCOME TO MANHATTAN
Manhattan is the perfect place for home buyers who are looking for a fast paced environment. The diversity and hustle & bustle of Manhattan attracts people from all over the world to the city.
VALUABLE GUIDANCE FOR HOME BUYERS
Trends in the Manhattan Real Estate Market
We are starting to see a leveling out of the real estate market. For sellers, it is a little bit more difficult to sell. The increasing interest rates makes it hard for buyers to finance. But, the current market is advantageous for cash buyers. Cash buyers can negotiate now and stand their ground on what they want to pay for a property. Real estate agents can help educate buyers on how to get creative with the deal structure. Some negotiation tactics include having the seller can cover certain costs such as title, closing costs, etc. There has been a decrease in the number of listings.
We are starting to see a leveling out of the real estate market. For sellers, it is a little bit more difficult to sell. The increasing interest rates makes it hard for buyers to finance. But, the current market is advantageous for cash buyers. Cash buyers can negotiate now and stand their ground on what they want to pay for a property. Real estate agents can help educate buyers on how to get creative with the deal structure. Some negotiation tactics include having the seller can cover certain costs such as title, closing costs, etc. There has been a decrease in the number of listings.
Tips for First Time Home Buyers in Manhattan
Due Diligence – In Manhattan, it is a requirement for the buyer and seller to each hire their own attorney to do the due diligence on a property. This ensures that everyone is on the same page and is aware of any issues with the property.
HDFC Units – HDFC Units offer a low cost option for buyers who have income restrictions but want to buy a home. This is a great starting point for a first time home buyer. While HDFC Units are not very common, a good real estate agent can help explain the different options to you and whether that is an option for you to consider.
Due Diligence – In Manhattan, it is a requirement for the buyer and seller to each hire their own attorney to do the due diligence on a property. This ensures that everyone is on the same page and is aware of any issues with the property.
Building History – Many buildings in NYC are older and it is important to know the history of a building. You should also ask for the financials and for an assessment of the building. You should be aware of any hidden costs that you will incur with the property. For example, if the property is a Coop then you may incur a flip tax and you need to understand who pays the flip tax and how much of it you pay.
Be prepared – You should have all your financials ready and understand the full buying process before starting your search. When you find a home you love, it is important to have all your ducks in a row before making an offer. This allows you to make an offer faster without having to wait and lose out on the house. To be prepared, your real estate agent will provide you with a buyers guide that will help you understand the whole process. You should also get a pre-approval because you can not make an offer on a property without one.
Be prepared – You should have all your financials ready and understand the full buying process before starting your search. When you find a home you love, it is important to have all your ducks in a row before making an offer. This allows you to make an offer faster without having to wait and lose out on the house. To be prepared, your real estate agent will provide you with a buyers guide that will help you understand the whole process. You should also get a pre-approval because you can not make an offer on a property without one.
HDFC Units – HDFC Units offer a low cost option for buyers who have income restrictions but want to buy a home. This is a great starting point for a first time home buyer. While HDFC Units are not very common, a good real estate agent can help explain the different options to you and whether that is an option for you to consider.
Building History – Many buildings in NYC are older and it is important to know the history of a building. You should also ask for the financials and for an assessment of the building. You should be aware of any hidden costs that you will incur with the property. For example, if the property is a Coop then you may incur a flip tax and you need to understand who pays the flip tax and how much of it you pay.
