How to Compete as a Buyer in New York City

New York City is one of the toughest markets to compete in as a buyer. So how do you give yourself an edge? Read on to find out! 

Be Prepared

You don’t want to lose time because you’re not ready to put in an offer ASAP. Get pre-approved. And make sure you know your finances (especially if you’re buying in a co-op). 

Understand Your Market

Don’t just dive in hoping it’ll “all work out.” 

In order to effectively compete as a buyer in New York City you really need to get educated on the market!  If you have a general understanding of where pricing stands for the kind of property you want, it’ll ensure that you have the right expectations. 

It also helps you to avoid making bad offers that won’t gain any traction. In a competitive market, you may not have time to put in a lowball offer to “see” what happens. Another buyer can swoop in with a more well informed offer, pushing you out of the running entirely.   

Be Ready to Make Your Move

Whether it’s getting out to see places or being ready to put in an offer, you need to move on listings that pique your interest. One of the key reasons why some buyers are unable to compete effectively in the New York City market is because they move too slowly to view a listing or put in an offer. 

Even in a “slow” market, desirable properties will still move quickly. And don’t let cold feet prevent you from putting in your first offer. Watch this video to find out why.

Have an Open Mind 

Be clear on your “wants” versus “must haves.” While it’s good to have a focused search, the more possibilities that you’re open to, the more options you’ll have. So especially in the beginning of your search, don’t be too restrictive in what you’ll consider unless it truly is non-negotiable. 

Get a Great Agent 🙂

Reaching out to multiple agents, scheduling showings, understanding what works for your financial situation and what doesn’t, knowing when something is over (or under) priced – you don’t have to figure this out alone! 

And you shouldn’t! Contact me to get started on your search!

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