Get Rid of Buyer Hesitation Once and For All

Though New York real estate has been in the midst of a seller’s market for a while now, that doesn’t mean it isn’t a good time to invest in a home. If you’re eyeing condos, co-ops, or brownstones in the city – from Upper East Side real estate to Park Slope properties – and are wondering whether you really want to take the leap and buy, you may be experiencing buyer hesitation.

Maybe you wish you had invested earlier, and now you aren’t sure you want to buy the same property at a higher price. Or perhaps you’re a first-time buyer and are concerned about figuring out mortgage interest rates, down payments, and closing costs. When you get to the point where you’re considering buying, make sure you connect with NYC experts like The Fry Team, who can advise you on the best ways to get started. They will help guide you beyond buyer hesitation and make your real estate dreams a reality. It starts with these steps.

The most common cause of buyer hesitation is fear, whether that’s fear of making a mistake with your purchase, fear of wasting your time and money, or fear of committing to a particular property. If you’ve been through the homebuying experience before in New York City, you may be wondering whether you truly want to take on another property and deal with its maintenance and repair requirements. If you’re a first-time buyer, you may not know what to expect from the process at all, like how to navigate a co-op board application. That’s why working with real estate experts like The Fry Team, who have extensive experience in the Manhattan and Brooklyn markets, can help ease your fears. The Fry Team’s agents can address all of the unknowns that are causing you to hesitate and help you determine solutions that will be best for your investment goals.

Another reason why you may hesitate as a buyer is if you’re overwhelmed by the myriad of boxes you have to check off to, for example, close on a piece of Upper East Side real estate. From knowing what kind of loan you’ll need to jumping through pre-approval hoops to actually viewing properties, a lot goes into buying a home in the greatest city in the world.

If you’re moving to Manhattan or Brooklyn from another part of the state or country, the buying process can add a number of steps to your move. But though it may feel easier to simply rent and avoid all the to-dos that come with buying, try to keep your long-term goals in mind. Investing in New York real estate has very strong long-term upside and can give you more financial freedom down the line. So, take things one step at a time. Don’t worry about how you’re going to negotiate closing deals and contracts. The Fry Team can help you cross those bridges when you get to them.

When you’re getting ready to invest in Manhattan or Brooklyn real estate, a great place to start is to think about what you can afford. The current median sales price in Brooklyn is $934,000, and in Manhattan it is $1.2 million. In New York City, you’ll need to make sure you can put down at least 20% for the down payment, though some sellers may occasionally accept 15%. Of course, cash is always king. Make sure you’ve put away money not only for the down payment but for additional closing costs, commission fees, and any renovations you may want to make once you move in. Be prepared for your monthly mortgage payments and know what to expect once you get your keys.

The best way to navigate the homebuying process with as little fear as possible is by surrounding yourself with a strong team. First, hire a real estate broker like Chris Fry, who has decades of experience in the New York City market. With the market as competitive as it is, you want to make sure you have an expert on your side who is skilled in research and negotiation. You’ll also want to find an attorney who’s familiar with real estate contracts and get the name of the best inspection company in the area. Your real estate agent will likely have extensive connections within their network that you can lean on to find each service that you need. Also, remember that there are no sales commissions or fees to pay as a buyer, so it’s better to have a professional look out for you who doesn't have any bias towards a particular building or neighborhood. A buyer’s agent works for your best interests, not the seller’s.

Once you have your team in place and know how much you’re willing to spend, take a look to see what the Brooklyn or Manhattan markets offer. This can often be a great way to beat buyer hesitation because you’ll likely feel energized once you begin viewing properties. You can see which features you like best and which ones you can live without. Currently, New York buyers love sliding glass doors and en-suite washers. Those are some of the most valuable features right now, but maybe you prefer something else. Seeing what’s out there can help build your excitement and enthusiasm about taking the leap to make a new investment.

Once you’re pre-approved for a mortgage, you may feel more confident about moving forward with your investment. If you’re paying for the property in full, you don’t have to worry about this piece, but if you do need a loan, how can you get pre-approved? To become pre-approved, you’ll need proof of your income, assets, and employment. You’ll need a high credit score and documents that verify your identity. The best way to approach it is to meet with a lender to confirm what’s expected and then gather the materials before you apply.

Buying a house, whether it’s your first or your fifth, is an exciting adventure. Don’t let buyer hesitation keep you from making a great investment in the New York City real estate market. With the help of The Fry Team, each part of the process will feel smooth and seamless. Once you’re ready to dive in, reach out to The Fry Team.