Navigating New York City real estate can be daunting, but with the right guidance, it doesn’t have to be. The Whitman and Roberson Team—led by Tyler Whitman and Ashlie Roberson with support from Luke Hoback, Sara Jimenez-Curtola, and Anthony Raimondi—is a top-producing team with over $1B in closed sales and 350+ buyers successfully placed. Simply put: They know what it takes to win in this market.
Here, they break down one of the biggest myths in the buying process and share actionable tips to help buyers stay ahead.
TIP 1: It’s Never Too Early to Hire a Buyer’s Agent
This is somewhat of a tip and a mythbuster: Many buyers think that they should start looking on their own and think about hiring a buyer’s agent once they’ve found a home they want to make an offer on. This is a recipe for disappointment! We recommend committing to a trusted advisor as early in your search as possible. They will get to know your preferences, priorities, financial position, etc. and can go to bat for you when it really matters, saving you from scrambling at the last minute and potentially losing your dream home.
TIP 2: Don’t Be Afraid to Submit An Offer
Offers in NYC are non-binding, and the process runs differently than most other markets, which a lot of buyers aren’t aware of when they start their search.
We encourage our clients to submit offers on anything they’re excited about, especially in a competitive situation, as it allows them to be a part of the conversation, and if they ultimately decide that it’s not the right home for them, for whatever reason, we can keep looking for the perfect place.
If we foresee room to negotiate based on the data, the best way to get tangible feedback on how flexible a seller may be is to submit an offer and see how they respond. Think of it as a fact-finding mission, rather than a binding commitment to buying the home.
TIP 3: Get Pre-Approved Before You Fall in Love
If you’re financing, get pre-approved before you start shopping and fall in love with something. You may have enough money for a 20% down payment, but more costs and considerations go into buying in the city than just your down payment. Co-ops in NYC often like to see their incoming purchasers have a year or two of monthly carrying costs remaining in liquid assets after they close on the home.
The buyers’ debt-to-income ratio is also a very important factor co-ops look at, often wanting their debt-to-income ratio to be below 28%. You will likely qualify for a slightly different purchasing price when comparing your condo budget to a co-op budget.
TIP 4: Choose a Knowledgeable, Data-Driven Agent
This cannot be understated! Work with a knowledgeable, data-driven agent who understands and can guide you through the fast-paced and ever-changing NYC market. Someone who will connect you with the right professional partners (lenders, attorneys, inspectors, etc.) who will all have your best interests in mind. An agent who anticipates potential pitfalls within each building, each micro-neighborhood, and turns information into a strategic advantage in your search/purchase.
TIP 5: Start Your Search Sooner Than You Think
It is never too early to start your search! New York City real estate is unlike anywhere else—fast-paced, competitive, and constantly evolving. Even if you’re not ready to buy tomorrow, starting your search early helps you get familiar with neighborhoods, spot pricing trends, and better understand how the market moves. It also gives you time to assess your own finances and learn how to structure your budget in a way that aligns with different building requirements.
The more informed and prepared you are, the more confident you’ll be when the right opportunity comes along.
This article was originally posted on The Agency Journal.
