You have saved your pennies. You have rented for years. You are now ready to take the leap. But are you ready to navigate the current New York City real estate market? Experts say it is heating up. And it’s not just the million dollar condo market in Manhattan.
“I’ve been saving money since I was 19-years-old. It was always in my financial plan to buy something,” said Brooklyn resident Ryann Imperioli. She and her husband Chris had a tight budget of $500,000 and they wanted to buy in Prospect Heights, Brooklyn. But after their first attempt to bid on an apartment didn’t go well, they realized something.
“We didn’t put a bid in right away and it was gone in a matter of days,” said Chris Imperioli
They had to act quickly. It took them a day to bid on the next apartment they loved. And they bid over the asking price. After a bidding war with two other prospective buyers, Ryann and Chris Imperioli’s offer was accepted on a two bedroom, one bathroom apartment in Prospect Park South. They got it for $415,000. It was within their budget, but in a different neighborhood than they originally planned.
Halstead broker Kris Sylvester helped them navigate the hot real estate market. He says their experience is becoming more and more common.
“We are experiencing a lot of bidding wars in all categories,” said Sylvester.
The Brooklyn broker just listed a three bedroom apartment with a renovated kitchen in Prospect Heights for $650,000. His advice to anyone interested in that property or any other apartment or house currently on the market: come prepared.
That means having a pre-approval for a mortgage, a real estate lawyer lined up and the mindset to bid at or above the asking price.
Sylvester has an open house coming up Sunday. “I expect a very big turn-out. I am getting a lot of requests to show,” he said.
Amela Kadric, a Halstead broker in Riverdale, has had a similar experience in the North Bronx this spring.
“I advise my clients when they start looking, is that the first thing that they do is get pre-approved by a bank,” said Kadric. “This way they know exactly what they are qualified for.”
Kadric listed a three bedroom walk-up apartment in Riverdale just over a month ago. There have been multiple offers.
“The first offer came in the first week,” she said.
And brokers have said for some deals, even ones in a lower price range, cash is king. More and more buyers want an all cash deal.
But according to Kris Sylvester a personal touch can still help win a property. “One thing a lot of people do, and sometimes still works, is write a letter to the seller and try to connect with them in some way.”