My 8 Tips On “How To Get A Best Buy In Manhattan Real Estate”
1. Know The Market – Study what comparables are selling for the kind of property that you are seeking. This way you won’t offer too little and miss an opportunity or have buyer’s remorse from paying too much.
2. Get A Great Broker- One with an excellent track record. Inexperienced and ineffective brokers will cost you the deal.
3. Act fast when you see an opportunity. If you hesitate you will lose out! That is where knowing the market comes in. If you know the market you will know what priced makes a good opening offer.
4. See if the seller has a situation that you can solve. I have had cases where a seller took an offer because the buyer was willing to close 6 months later or allow the seller to remain in the apartment for a period of time after the closing. Maybe you can offer to pay part or all of the seller’s flip tax.
5. There are properties that just come on the market or are off market that can be very good deals. You need to find out the seller’s need and see if you can meet them better than another buyer.
6. Look at properties that have been on the market for a long time say five months into the marketing. While the seller may not have been interested in taking a lower price in the beginning he or she may be amenable now. In the beginning, there may have been a lot of showings and now the level of showings have dwindled. This is often where you can find your best deal.
7. If you are looking at new developments only take a very experienced broker with you. Buying into new developments can be tricky. There can be good deals here depending on the developer’s needs or pain points.
8. If a deal doesn’t happen there will always be another deal Keep searching! You will find your dream home in a matter of time!
If you have any questions about how to get a good deal on a Manhattan please contact me. It would be my pleasure to answer any of your questions.