New York City is the most populous city in the country, and it is estimated that there are appropriately 20 million individuals living in the metropolitan area. More than that, the area spans across approximately 305 square miles. This is among the most densely populated areas in the United States. When you are looking for a new home to purchase in New York City or the surrounding area, your search may include real estate in the five boroughs as well as in outlying areas throughout the Tri-State area. Due to the size of the area as well as the number of individuals who are also searching for real estate at the same time, it can be challenging to find the right home and to successfully purchase the property that you are most interested in. However, by following a few key tips, you can improve your likelihood of success.
Before you actively start searching for the perfect home in New York, you should prepare yourself financially for this step. Review your budget to determine the monthly payment for financing that may be affordable for your budget. You should also work with a lender to get pre-approved for financing. This will ensure that you are aware of the down payment that may be required before you search for real estate. Furthermore, because sellers may receive several offers, your pre-approval will allow you to move quickly to make an offer. It may also make your offer may appealing to sellers than offers from buyers without a pre-approval.
Learn More About the Market:
You should also consider learning more about the real estate market and individual communities throughout the area. The average list price of residential real estate in New York City was approximately $2.8 million in May 2014, and the median sales price was approximately $1.14 million. However, within the individual communities, there is considerable variation. For example, in Harlem, the average list price was approximately $1.041 million while the average list price in the Upper East Side was approximately $3.6 million. In addition to these market factors, other relevant data regarding crime, schools and convenience to public transportation are a few other factors that should be considered. By researching the market, you can more accurately determine which area you would like to focus your search in.
Work With an Agent:
Because listings can be added and removed from the market rather quickly in the New York area, it is important to work with an agent. An agent can make you aware of listings that will soon be available as well as those which have just recently been added. Once you have found a property, the agent can work quickly to help you structure an offer and to negotiate contract terms. In a fast-paced market such as this one, working with a real estate agent can be beneficial.
While finding the perfect property to call home in New York can be challenging, it is not impossible. By following these steps, you can easily identify the property that you want to purchase, and you can successfully make an offer to the seller. If you are ready to search for real estate, begin by searching for a lending company and a real estate agent to work with.