Post by Victor VVV on Jan 1, 2016 17:37:45 GMT -5
4 Insider Tips for Navigating NYC's High-End Real Estate Market
With most New York City homes successfully sold within 90 days, finding and purchasing a place in the city takes more determination and agility than shopping along 34th Street on Black Friday.
“In the current market, the good apartments for sale tend to get multiple offers,” said Val Tsanev, CEO of CityRaven, a site that helps busy professionals buying $700,000+ homes and those renting $2,500+ apartments. NYC’s real estate market isn’t getting any less crowded, so Tsanev shared insights for how to find your next dream home.
Not All Brokers are Created Equal
The right broker is crucial. “You can have a totally different experience if you hire an inexperienced real estate agent versus one who can negotiate for you and can hold your hand during the long process,” Tsanev said.
According to recent research, 87 percent of recent homebuyers used a real estate agent for their purchase, while two-thirds of New York apartments are exclusive to brokers, meaning potential renters should expect to pay a broker’s fee of between one to two month’s rent.
Tsanev recommends hiring a real estate agent vetted by an independent-third party. CityRaven pre-qualifies and handpicks every broker.
Be Financially Prepared
Manhattan landlords want renters with annual incomes between 25-50 times the monthly rent, while the price of a home or apartment should be no more than four times a buyer’s annual income.
“Our strong suggestion to anyone considering buying an apartment in New York City, even before they start searching for one online, is to get pre-qualified by a lender who will issue a letter stating up to what price that person can afford to buy,” Tsanev said.
Prioritize Your Wish List
Prioritizing your must-haves is a personal decision, but it’s vital since most buyers and renters hardly ever get everything they want.
"You can never change the neighborhood,” said Tsanev, whose company allows users to explore neighborhood characteristics without having to visit in person.
Don’t Underestimate How Long It’ll Take
The # 1 mistake buyers and renters make is thinking the process will be quick.
“Most people start with the idea that they don't want to work with a real estate agent,” Tsanev said. “That quickly changes when they find out how time consuming and frustrating both the renting and buying processes are.”
The good news? If you’re looking for a place now, winter is the best time to buy or rent because not as many people are searching.
Happy hunting.
PRESENTED BY
CityRaven
First and most important: never use an inexperienced agent
CityRaven
First and most important: never use an inexperienced agent
With most New York City homes successfully sold within 90 days, finding and purchasing a place in the city takes more determination and agility than shopping along 34th Street on Black Friday.
“In the current market, the good apartments for sale tend to get multiple offers,” said Val Tsanev, CEO of CityRaven, a site that helps busy professionals buying $700,000+ homes and those renting $2,500+ apartments. NYC’s real estate market isn’t getting any less crowded, so Tsanev shared insights for how to find your next dream home.
Not All Brokers are Created Equal
The right broker is crucial. “You can have a totally different experience if you hire an inexperienced real estate agent versus one who can negotiate for you and can hold your hand during the long process,” Tsanev said.
According to recent research, 87 percent of recent homebuyers used a real estate agent for their purchase, while two-thirds of New York apartments are exclusive to brokers, meaning potential renters should expect to pay a broker’s fee of between one to two month’s rent.
Tsanev recommends hiring a real estate agent vetted by an independent-third party. CityRaven pre-qualifies and handpicks every broker.
Be Financially Prepared
Manhattan landlords want renters with annual incomes between 25-50 times the monthly rent, while the price of a home or apartment should be no more than four times a buyer’s annual income.
“Our strong suggestion to anyone considering buying an apartment in New York City, even before they start searching for one online, is to get pre-qualified by a lender who will issue a letter stating up to what price that person can afford to buy,” Tsanev said.
Prioritize Your Wish List
Prioritizing your must-haves is a personal decision, but it’s vital since most buyers and renters hardly ever get everything they want.
"You can never change the neighborhood,” said Tsanev, whose company allows users to explore neighborhood characteristics without having to visit in person.
Don’t Underestimate How Long It’ll Take
The # 1 mistake buyers and renters make is thinking the process will be quick.
“Most people start with the idea that they don't want to work with a real estate agent,” Tsanev said. “That quickly changes when they find out how time consuming and frustrating both the renting and buying processes are.”
The good news? If you’re looking for a place now, winter is the best time to buy or rent because not as many people are searching.
Happy hunting.
CityRaven pairs buyers and renters with the best brokers based on priorities such as neighborhood expertise, years of experience, positive reviews and number of sales in the last year. Users can streamline the buying and renting process by corresponding, sharing documents and listings, scheduling meetings/apartment viewings with qualified agents through the site’s online portal. Visit CityRaven.com to sign up.
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