They are two of the safest American cities for children. Some of the criteria for determining this were proximity to hospitals, bike helmet laws and how quickly firefighters respond.
Boston can sleep easy knowing that they live in the city with the most hospitals per capita and Portland, Oregon got kudos for its low drowning rates and air quality.
New York firefighters were the quickest to respond to emergencies, while Louisville pedestrians were among the least likely to be in a traffic accident.
Regardless of what urban city you live in its clear that most cities are doing great things to improve safety at home and in the community.
As a country our most precious assets are our children, making their lives safer and happier should be everyone's priority.
Sep 30, 2010
Sep 29, 2010
Couch too big for the Elevator?
A large percentage of the leases we are signing this year are with renters that are brand new to the city, first time New Yorkers if you will.
Unfortunately, as with so many things in life, inexperience can be costly. No place is that more the case than in real estate. Here are some things to watch out for and some questions to ask prior to handing over all your hard earned cash.
1) If the building has central A/C and heat, when does the system switch over each year?
2) Are the amenities such as the building gym, pool or roof deck included or do you have to pay?
3) Do most restaurants in the area deliver to this address?
4) Can the food delivery boy come up to the apartment or do you need to go downstairs?
5) Is your doorway and elevator big enough for your furniture?
6) Will your pet be bored by the view? High floors leave little for them to focus on.
So, welcome to NYC and now that you've asked all the right questions, enjoy your new home.
Unfortunately, as with so many things in life, inexperience can be costly. No place is that more the case than in real estate. Here are some things to watch out for and some questions to ask prior to handing over all your hard earned cash.
1) If the building has central A/C and heat, when does the system switch over each year?
2) Are the amenities such as the building gym, pool or roof deck included or do you have to pay?
3) Do most restaurants in the area deliver to this address?
4) Can the food delivery boy come up to the apartment or do you need to go downstairs?
5) Is your doorway and elevator big enough for your furniture?
6) Will your pet be bored by the view? High floors leave little for them to focus on.
So, welcome to NYC and now that you've asked all the right questions, enjoy your new home.
Sep 28, 2010
The Priciest Zip Codes in the Country
I'm sure it comes as no surprise that of the 25 zip codes that Forbes Magazine put on its "Most Expensive Cities" list that several were from the Metropolitan area.
Coming in fifth place with an average price of $3.8M was the West Village. The Upper East Side is at number 7 with an average price of $3.7M. And rounding off the top ten was Soho which came in 9th place with an average price of $3.2M.
Last years most expensive zip code, Alpine, NJ dropped to fourth place with an average price of $3.8M. This year's number one spot went to Duarte, Ca. with an average price of $4.2M.
Other high ranking local neighborhoods include 12th place Tribeca averaging $3.1M and the East Village coming in 22nd place with an average price of $2.8M.
The bottom line is that if you want to live in Manhattan I strongly suggest you have a lot of money because we give sticker shock a whole new meaning!
Coming in fifth place with an average price of $3.8M was the West Village. The Upper East Side is at number 7 with an average price of $3.7M. And rounding off the top ten was Soho which came in 9th place with an average price of $3.2M.
Last years most expensive zip code, Alpine, NJ dropped to fourth place with an average price of $3.8M. This year's number one spot went to Duarte, Ca. with an average price of $4.2M.
Other high ranking local neighborhoods include 12th place Tribeca averaging $3.1M and the East Village coming in 22nd place with an average price of $2.8M.
The bottom line is that if you want to live in Manhattan I strongly suggest you have a lot of money because we give sticker shock a whole new meaning!
Sep 27, 2010
Landlords Back in Control
Last year was one of the most active years in rental history here in the city. Prices were way down in response to high inventory as thousands of people lost their jobs. In order to rent all those available apartments Landlords were offering low prices, they were paying the broker fees and offering all sorts of other incentives to keep from having too much inventory.
Well, like everything else in the Crazy World of Real Estate, the pendulum has swung in the other direction. In most neighborhoods the vacancy rate in rental buildings is less than 1%.
That means that more than 99% of all rental apartments are rented. What it also means is that Landlords no longer need to give out incentives to get their properties rented. Instead, they are raising the prices...I love this business.
Here is the real crux of the story.....all of you that signed sweetheart leases last year are going to be in for a rude awakening when you receive your renewal form and you see how much the rent is increasing next year. Funny little city we live in isn't it?
Well, like everything else in the Crazy World of Real Estate, the pendulum has swung in the other direction. In most neighborhoods the vacancy rate in rental buildings is less than 1%.
That means that more than 99% of all rental apartments are rented. What it also means is that Landlords no longer need to give out incentives to get their properties rented. Instead, they are raising the prices...I love this business.
Here is the real crux of the story.....all of you that signed sweetheart leases last year are going to be in for a rude awakening when you receive your renewal form and you see how much the rent is increasing next year. Funny little city we live in isn't it?
Sep 24, 2010
Renting Your Own Home Back From the Seller
Post Closing Agreements are becoming very fashionable these days. Since most sellers cant afford to buy a new home until they close on their present home, there is generally a period of limbo where they literally have no place to live. The solution has become to rent their own home back from the buyer's post closing for the length of time it takes to close on their new purchase.
Any one closing is now tied to several related closings like a Domino effect. And, just like in Dominoes a delay in one closing can effect several others that are waiting in the wings.
When the economy tanked in 2008 it had a ripple effect on so many industries not the least of which was the real estate business. But we are all survivors by nature and we adapt to the changing environment and adjust our way of thinking and doing business.
So, if you have your house for sale and you are buying another one and you need a place to live in the meantime and you can work out a post closing agreement you will have the downturn in the economy to thank for this convenience.....funny how it all works out.
Any one closing is now tied to several related closings like a Domino effect. And, just like in Dominoes a delay in one closing can effect several others that are waiting in the wings.
When the economy tanked in 2008 it had a ripple effect on so many industries not the least of which was the real estate business. But we are all survivors by nature and we adapt to the changing environment and adjust our way of thinking and doing business.
So, if you have your house for sale and you are buying another one and you need a place to live in the meantime and you can work out a post closing agreement you will have the downturn in the economy to thank for this convenience.....funny how it all works out.
Sep 23, 2010
How is Your Arithmetic?
Think you are a math Wiz? So answer this.....what is the difference between a $1M property and one that costs $999,000? If your answer was $1 you are wrong.
NYC has something called a Mansion Tax. When a property hits the Million dollar mark a tax of 1% of the purchase price kicks in and so in the equation above the answer is actually $10,001.
Now if this was anyplace else in the world buyers spending a million dollars or more would simply pay the tax. But, this is NYC and everyone is looking for a deal. Here a few ways to avoid the mansion tax...
These are just a few ideas, your real estate attorney will be able to tell you more...
NYC has something called a Mansion Tax. When a property hits the Million dollar mark a tax of 1% of the purchase price kicks in and so in the equation above the answer is actually $10,001.
Now if this was anyplace else in the world buyers spending a million dollars or more would simply pay the tax. But, this is NYC and everyone is looking for a deal. Here a few ways to avoid the mansion tax...
- If its a sponsor unit make your offer contingent on the seller paying the tax
- Have the seller lower the contract price below $1 M but then have a separate rider whereby he sells you the appliances for the difference.
- If there are brokers involved have them lower their fee to a small degree and then the seller lowers his price by that amount.
These are just a few ideas, your real estate attorney will be able to tell you more...
Sep 22, 2010
When the Delivery Boy Makes a Second Trip......
....Does he get a second tip?
Anyone that lives in Manhattan has a drawer in their kitchen that's filled with take out menus of every conceivable type of food. Most of us order in more than we cook, its just part of the charm of living here. We can get anything we want to eat delivered right to our door at any time of the day or night.
But, what happens when the restaurant forgets part of your order and the delivery boy needs to make a second trip to your door. Do you tip him a second time? It wasn't his fault that there was something left out of the bag and he did need to get back on his rickety bike and risk his life (and the life of others, have you seen these guys ride?) to come back to your apartment.
My opinion is...and I hope I am in the majority....that yes, you give the kid a couple of bucks, smile and say thank you. I think in the future your food will arrive at your door a bit faster from your new friend.
Anyone that lives in Manhattan has a drawer in their kitchen that's filled with take out menus of every conceivable type of food. Most of us order in more than we cook, its just part of the charm of living here. We can get anything we want to eat delivered right to our door at any time of the day or night.
But, what happens when the restaurant forgets part of your order and the delivery boy needs to make a second trip to your door. Do you tip him a second time? It wasn't his fault that there was something left out of the bag and he did need to get back on his rickety bike and risk his life (and the life of others, have you seen these guys ride?) to come back to your apartment.
My opinion is...and I hope I am in the majority....that yes, you give the kid a couple of bucks, smile and say thank you. I think in the future your food will arrive at your door a bit faster from your new friend.
Sep 21, 2010
Who Determines the Price of an Apartment?
I know your first thought is that the Seller determines the price. But wait, maybe its the seller's broker? No....I got it....its the comps...what is everything else selling for, once we know that we know what the property is worth.
Well, as anyone that has been a residential broker for more than 45 minutes will tell you, its the market place that determines the price of an apartment. The issue here is that virtually every buyer is represented by a Real Estate Broker. So, ultimately, its the advice of the Buyer's Broker that is a big determining factor in deciding what the property is worth.
Here is the scary part....even though prices in NYC are up 15% over the past 12 months a recent poll of NYC Real Estate Brokers found that 70% of them feel that prices are going to go down and they are recommending to their buyers to make offers that take this into account.
Who Determines the Price of an Apartment? More often then not its perception created by the media.
Well, as anyone that has been a residential broker for more than 45 minutes will tell you, its the market place that determines the price of an apartment. The issue here is that virtually every buyer is represented by a Real Estate Broker. So, ultimately, its the advice of the Buyer's Broker that is a big determining factor in deciding what the property is worth.
Here is the scary part....even though prices in NYC are up 15% over the past 12 months a recent poll of NYC Real Estate Brokers found that 70% of them feel that prices are going to go down and they are recommending to their buyers to make offers that take this into account.
Who Determines the Price of an Apartment? More often then not its perception created by the media.
Sep 20, 2010
It Looks Like a Condo but Acts Like a Hotel
If having your pizza or Chinese food delivered to your door at all hours of the day and night is not enough to satisfy your inner Diva then keep reading....
There are now nearly a dozen projects in the city that look like a condo but act like a Hotel. Room service from a celebrity chef, your apartment cleaned by a uniformed maid every day including fresh towels and linens, a full spa just an elevator ride away and the best of all.....a mint on your pillow each night before bed.
Sound good to you? Well, first things first, better check the ole bank balance cause this is NYC and these Hotel/Condos dont come cheap.
Some of these properties range from $2,500 to $4,000 per square foot. That works out to almost $4,000,000 for your average sized one bedroom apartment. More importantly, the cost of the services in your new Hotel/Condo are through the roof. Your celebrity prepared cheeseburger cooked just to your liking and delivered to your room with white linen service may cost you $65. That better be one fantastic burger...
Admittedly, these apartments are not for everyone but, if you can swing it.....please invite me over one day for a swim at the spa and a tuna tartar.
There are now nearly a dozen projects in the city that look like a condo but act like a Hotel. Room service from a celebrity chef, your apartment cleaned by a uniformed maid every day including fresh towels and linens, a full spa just an elevator ride away and the best of all.....a mint on your pillow each night before bed.
Sound good to you? Well, first things first, better check the ole bank balance cause this is NYC and these Hotel/Condos dont come cheap.
Some of these properties range from $2,500 to $4,000 per square foot. That works out to almost $4,000,000 for your average sized one bedroom apartment. More importantly, the cost of the services in your new Hotel/Condo are through the roof. Your celebrity prepared cheeseburger cooked just to your liking and delivered to your room with white linen service may cost you $65. That better be one fantastic burger...
Admittedly, these apartments are not for everyone but, if you can swing it.....please invite me over one day for a swim at the spa and a tuna tartar.
Sep 16, 2010
The New Hobby....Open Houses
Crains New York just came out with an article stating that 25% of the people that attend Open Houses have no intention of buying that or any other apartment. Rather, they are there for the free food, to get decorating tips or to simply help price their own apartment.
Of the remaining 75% that actually are in the market to buy here are some of their pet peeves and turn offs....
A lack of natural light was at the top of the list of deal breakers. To offset this add extra light to apartment with pretty lamps or track lighting.
Next was a "smelly house". Please, if you have a pet open the windows, light some candles, put an apple pie in the oven...be creative. Lastly, tight space was a major turn off. If having three or four people attending your open house at the same time creates the feeling of claustrophobia I suggest you move some furniture out and "de-clutter" your space.
There is a lot more inventory today than in the past, make sure your apartment can compete with the others.
Of the remaining 75% that actually are in the market to buy here are some of their pet peeves and turn offs....
A lack of natural light was at the top of the list of deal breakers. To offset this add extra light to apartment with pretty lamps or track lighting.
Next was a "smelly house". Please, if you have a pet open the windows, light some candles, put an apple pie in the oven...be creative. Lastly, tight space was a major turn off. If having three or four people attending your open house at the same time creates the feeling of claustrophobia I suggest you move some furniture out and "de-clutter" your space.
There is a lot more inventory today than in the past, make sure your apartment can compete with the others.
Sep 13, 2010
Which Manhattan Neighborhood is Best For You?
One of the greatest things about Manhattan is that its made up of dozens of small neighborhoods all on this one little island. Each neighborhood has its own feel and its own flavor and when buying a property the neighborhood is ultimately very important.
Street Easy recently did a study showing where you can get the best value based on what type of apartment you want to buy. By following the numbers you may get a good deal but may need to sacrifice living close to your favorite restaurant or museum.
For example.....if you have a large family and are looking for a Prewar three bedroom Coop the best place to buy (according to Street Easy) is the Upper West Side where you will spend $1,750,000. If, on the other hand you want a Post War Condo Studio then check out the Financial District where an abundance of inventory has brought the price of your studio down to only $550,000. Chelsea is a great place to find a 2 bedroom Coop in a Prewar building and The West Village has some great one bedroom coops in Prewar buildings.
The lesson to be learned here is that while certain neighborhoods may be more appealing to you than others you may be able to get much better value elsewhere. But, not to worry, you can always visit. Happy Home Hunting!
Street Easy recently did a study showing where you can get the best value based on what type of apartment you want to buy. By following the numbers you may get a good deal but may need to sacrifice living close to your favorite restaurant or museum.
For example.....if you have a large family and are looking for a Prewar three bedroom Coop the best place to buy (according to Street Easy) is the Upper West Side where you will spend $1,750,000. If, on the other hand you want a Post War Condo Studio then check out the Financial District where an abundance of inventory has brought the price of your studio down to only $550,000. Chelsea is a great place to find a 2 bedroom Coop in a Prewar building and The West Village has some great one bedroom coops in Prewar buildings.
The lesson to be learned here is that while certain neighborhoods may be more appealing to you than others you may be able to get much better value elsewhere. But, not to worry, you can always visit. Happy Home Hunting!
Sep 10, 2010
Choosing the Best Broker to Sell Your Home
One of my favorite Blogs, "The Apple Peeled", wrote an article about how Seller's should go about choosing the best Real Estate Broker to handle the sale of their home. The author discusses several important topics....here are just a few.
Does the Firm Matter? Not really, it should be large enough to properly market the property but since we all share our listings, the actual agent and the way he or she interacts and gets along with the seller is much more important.
Team or No Team? Some people swear by the team approach. It seemingly gives you coverage 24/7 as there is always a team member available to show your property. However, don't let yourself get "stuck" with a beginner that is just starting to learn the business once you sign the Exclusive Right to Sell Agreement.
Listen Don't Talk. Very often Sales Agents in an effort to impress the Seller with their knowledge spend way too much time talking and not enough time listening. Ask questions of the Seller so as to fully understand why they are selling, where they are moving, what their needs are in terms of a final price and closing date. Take notes, this will ensure that you don't forget any little detail and will also impress the Seller.
Choosing the right broker is not a life and death decision but your home is your most valuable asset and its your best interest to take your time, do your homework and make an educated decision.
Does the Firm Matter? Not really, it should be large enough to properly market the property but since we all share our listings, the actual agent and the way he or she interacts and gets along with the seller is much more important.
Team or No Team? Some people swear by the team approach. It seemingly gives you coverage 24/7 as there is always a team member available to show your property. However, don't let yourself get "stuck" with a beginner that is just starting to learn the business once you sign the Exclusive Right to Sell Agreement.
Listen Don't Talk. Very often Sales Agents in an effort to impress the Seller with their knowledge spend way too much time talking and not enough time listening. Ask questions of the Seller so as to fully understand why they are selling, where they are moving, what their needs are in terms of a final price and closing date. Take notes, this will ensure that you don't forget any little detail and will also impress the Seller.
Choosing the right broker is not a life and death decision but your home is your most valuable asset and its your best interest to take your time, do your homework and make an educated decision.
Sep 9, 2010
Slow Start But Strong Finish to Summer RE Market
What started off back in June looking like it would be a quiet summer sales season ended up with many brokerages talking about unexpectedly high numbers of deals being done. As the summer went on, despite the heat, more and more contracts were being signed. As a result, most agents are very optimistic about the Fall Selling Season, typically the busiest time of the year for sales agents.
Labor Day usually signifies not only the end of summer and the start of school but also begins the Fall Selling Season. Historically, things get jump started as sellers return from summer vacation and inventory spikes. Then there is the lull as we hit the Jewish Holidays in Mid Sept or Early October. But this year the Jewish New Year coincided with Labor Day Weekend so that once we hit the ground running there should be no let up till Thanksgiving.
Talk around the "water cooler" is that this is going to be the busiest Fall Season in a number of years and there is not a sales agent in the city that is complaining about that.
Happy Selling!!!!
Labor Day usually signifies not only the end of summer and the start of school but also begins the Fall Selling Season. Historically, things get jump started as sellers return from summer vacation and inventory spikes. Then there is the lull as we hit the Jewish Holidays in Mid Sept or Early October. But this year the Jewish New Year coincided with Labor Day Weekend so that once we hit the ground running there should be no let up till Thanksgiving.
Talk around the "water cooler" is that this is going to be the busiest Fall Season in a number of years and there is not a sales agent in the city that is complaining about that.
Happy Selling!!!!
Sep 7, 2010
Flip Tax....Who's Responsibility?
As the owner of a Coop apartment in Manhattan you recognize that when you sell your apartment you will pay a Flip Tax. Its not really a tax in that it does not get paid to any state or local government. Actually what it is is a fee that gets paid to the Corporation that owns the Coop to help their bottom line.
Each Coop has their own formula for determining how much the Seller will pay. It may be a percentage of the gross sale, a percentage of the profit, a dollar amount per share and so forth.
Regardless of what the formula is, every seller will agree...it hurts to have to pay it. And so.....now they don't want to anymore.
Increasingly in this "Buyers Market" we are seeing Seller's asking to have the Buyer pay the Flip Tax in exchange for lowering prices. Often the Flip Tax is split 50/50 or some other negotiation ensues. Bottom line....its going to get paid and no one other than the Coop Board is happy about that.
Each Coop has their own formula for determining how much the Seller will pay. It may be a percentage of the gross sale, a percentage of the profit, a dollar amount per share and so forth.
Regardless of what the formula is, every seller will agree...it hurts to have to pay it. And so.....now they don't want to anymore.
Increasingly in this "Buyers Market" we are seeing Seller's asking to have the Buyer pay the Flip Tax in exchange for lowering prices. Often the Flip Tax is split 50/50 or some other negotiation ensues. Bottom line....its going to get paid and no one other than the Coop Board is happy about that.
Sep 3, 2010
Labor Day Weekend
When I was growing up most dad's did the 9 to 5 thing. You saw them in the morning and then they were home in the evening for 6:00 dinner with the family. Once home, the work day was over and it didn't begin again until they walked into their office the next day.
Well, fast forward a few decades and things are quite different. Today most dads are out the door early in the morning and don't get home till well after dark. Not only that, but thanks to Blackberry's, IPhones and an assortment of other electronics that we can not live with out they remain connected to work until they eventually fall asleep, usually on the living room couch.
This weekend is Labor Day. It has become the official celebration of the end of summer. School is about to begin for millions of kids and the brutal heat of July and August are about to end. But, Labor Day is actually a celebration of America's work force. All of us that work long hours and long days to earn a living and support our families. This weekend lets all agree to take some time for ourselves. Lets put the Blackberrys and the IPhones and the IPads and the Lap Tops in a drawer for just a couple of days and enjoy the fruits of our labor. Be a little more attentive to your kids and to your spouse. Concentrate on your golf swing or on your favorite baseball team with out thoughts of your to do list in the back of your mind.
We all work hard and this weekend lets all agree to play hard. I am sure that doing so will help us to show up to work on Tuesday refreshed and ready to work hard....and round and round we go.
Happy Labor Day to All
Well, fast forward a few decades and things are quite different. Today most dads are out the door early in the morning and don't get home till well after dark. Not only that, but thanks to Blackberry's, IPhones and an assortment of other electronics that we can not live with out they remain connected to work until they eventually fall asleep, usually on the living room couch.
This weekend is Labor Day. It has become the official celebration of the end of summer. School is about to begin for millions of kids and the brutal heat of July and August are about to end. But, Labor Day is actually a celebration of America's work force. All of us that work long hours and long days to earn a living and support our families. This weekend lets all agree to take some time for ourselves. Lets put the Blackberrys and the IPhones and the IPads and the Lap Tops in a drawer for just a couple of days and enjoy the fruits of our labor. Be a little more attentive to your kids and to your spouse. Concentrate on your golf swing or on your favorite baseball team with out thoughts of your to do list in the back of your mind.
We all work hard and this weekend lets all agree to play hard. I am sure that doing so will help us to show up to work on Tuesday refreshed and ready to work hard....and round and round we go.
Happy Labor Day to All
Sep 2, 2010
Brokers Becoming More Revealing
A new law signed by Gov. David Patterson requires Real Estate Brokers to disclose to apartment buyers and sellers exactly who they represent in transactions, a long misunderstood issue in residential sales.
Beginning in January, real estate brokers will be required to provide buyers and sellers of co-op and condominiums with written disclosure forms outlining the nature of their relationship-and their fiduciary responsibilities, if any-before any apartments are shown.
In New York, practices can vary from borough to borough, neighborhood to neighborhood, broker to broker and from deal to deal. Brokers legally can represent buyer or sellers and sometimes they represent both.
Even with the wealthy and sophisticated buyers in Manhattan, some apartment hunters are naive about the process, relying on the broker for advice when, in fact, their broker's job is to help the seller get the highest price.
As with everything "Let the Buyer Beware" but at least in Real Estate, they can breath just a bit easier.
Beginning in January, real estate brokers will be required to provide buyers and sellers of co-op and condominiums with written disclosure forms outlining the nature of their relationship-and their fiduciary responsibilities, if any-before any apartments are shown.
In New York, practices can vary from borough to borough, neighborhood to neighborhood, broker to broker and from deal to deal. Brokers legally can represent buyer or sellers and sometimes they represent both.
Even with the wealthy and sophisticated buyers in Manhattan, some apartment hunters are naive about the process, relying on the broker for advice when, in fact, their broker's job is to help the seller get the highest price.
As with everything "Let the Buyer Beware" but at least in Real Estate, they can breath just a bit easier.
Sep 1, 2010
First Time Buyers Beware!!!
First time home buyers are flooding the market place and are being welcomed with open arms by sellers. After all, they have no house to sell and are generally being helped with the purchase by their parents who will have deeper pockets.
Today's Wall Street Journal published five pitfalls not to land in before buying your first home.
1) Snubbing the Real Estate Agents. There is a world of information available to everyone today and with so much knowledge many buyers believe they can do it on their own. But, keep in mind that finding property, going on the tour and asking some questions is only the start. Managing the nuances of the negotiations, the financing, the attorneys and the contracts is a full time job that you need expert advice on.
2) Guesstimating how much you can really afford. No buyer can really be sure of how much they can spend until they have met with a reputable mortgage professional. Your real estate broker can recommend a few to you.
3) Letting charm cloud your judgement. Charm is a euphemism for old. And generally, old needs a lot of work. Always have a licensed contractor give you a good faith estimate before bidding on the property.
4) Focusing on the house, not the hood. The home is just what you wanted so you buy it. When you move in you realize that its a hike to the train and that the local school is not what you had hoped for. The gym you belong to doesn't have a branch in this part of town and all the deli's close down by 9pm. Where your home is counts just as much as the home itself.
5) Making arbitrary offers. In NYC the days of low-balling are over. If you spend the time to find your dream home, you do your homework, you allow solid professionals to guide you and then when you eventually find the right place you'll need to step up to the plate and make a solid offer. If you don't, someone else will and then its will be gone.
If you or someone you know is thinking about buying a home....call us, let us help you.
Today's Wall Street Journal published five pitfalls not to land in before buying your first home.
1) Snubbing the Real Estate Agents. There is a world of information available to everyone today and with so much knowledge many buyers believe they can do it on their own. But, keep in mind that finding property, going on the tour and asking some questions is only the start. Managing the nuances of the negotiations, the financing, the attorneys and the contracts is a full time job that you need expert advice on.
2) Guesstimating how much you can really afford. No buyer can really be sure of how much they can spend until they have met with a reputable mortgage professional. Your real estate broker can recommend a few to you.
3) Letting charm cloud your judgement. Charm is a euphemism for old. And generally, old needs a lot of work. Always have a licensed contractor give you a good faith estimate before bidding on the property.
4) Focusing on the house, not the hood. The home is just what you wanted so you buy it. When you move in you realize that its a hike to the train and that the local school is not what you had hoped for. The gym you belong to doesn't have a branch in this part of town and all the deli's close down by 9pm. Where your home is counts just as much as the home itself.
5) Making arbitrary offers. In NYC the days of low-balling are over. If you spend the time to find your dream home, you do your homework, you allow solid professionals to guide you and then when you eventually find the right place you'll need to step up to the plate and make a solid offer. If you don't, someone else will and then its will be gone.
If you or someone you know is thinking about buying a home....call us, let us help you.
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