Navigating the Market: Tips from the Best Real Estate Agents in NYC

If you’re looking to buy or sell a home in New York City, you’re going to need some expert advice. The NYC real estate market in terms of brownstones for sale in New York City is different from any other as it is fast-paced, competitive, and constantly changing. That’s why we went straight to the source and asked some of the city’s top real estate agents to share their insider tips for navigating this unique real estate world.

Tips for Buyers

Tip 1: Get Pre-Approved

Get pre-approved for a mortgage. This shows sellers you are a serious, qualified buyer ready to act fast in a competitive market like NYC. Michael, a top buyer’s agent with over 15 years of experience, advises: 

“Having a pre-approval letter from a lender gives you a huge advantage over other buyers who may not be as prepared. It shows sellers you’ve been vetted on your finances, credit, debt, and income. This gives them confidence your offer is credible.”

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Tip 2: Be Prepared to Move Quickly

Be prepared to act extremely quickly when you find a place you want to buy. Properties in hot NYC neighborhoods can get multiple offers within hours of listing. Christopher, a decade-long NYC broker, advises: 

“When you find that perfect place, you’ll need to move at lightning speed or you’ll miss out. Have your team of attorneys, mortgage brokers, etc. lined up and ready in advance.”

Tip 3: Work with an Experienced Buyer’s Agent

Work with an experienced buyer’s agent who knows the market inside and out. They can get you into new listings quickly and guide your offer strategy. 

Julia Boland, an exclusive real estate agent for 20+ years and the founder of The Boland Team NYC says, “Buyers who try to navigate brownstones for sale in New York City alone miss opportunities. Work with an agent focused on your needs. We provide expert guidance on making a winning offer amidst competition.”

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Tip 4: Assess Beyond Staging

Look beyond staging to assess a property’s true condition. Many brownstones in New York City have been professionally staged to look perfect. But as Kristina, who worked as a contractor, cautions: “Don’t get blinded by staging. Look past the fresh paint and new light fixtures to properly evaluate the current condition. I advise buyers on assessing renovation costs so they don’t overpay.”

Tip 5: Stay flexible

Remain flexible on your “must-have” wish list features like outdoor space or high-end finishes. In competitive NYC, you may need to compromise.

Lauren, a buyer specialist, says: “In this market, you often need to forgo some non-essential wants to get a great property in your target area and budget. I coach buyers to stay flexible.”

Tip 6: Involvement in Neighborhood

Get intimately familiar with the specific neighborhoods you’re targeting. NYC varies dramatically from one neighborhood to the next in pricing, amenities, vibe, and more.

Joan, a long-time neighborhood specialist advises: “Before starting your search, spend ample time exploring your desired areas at different times of day and night. Get to know the streets, transportation, grocery stores, parks, and overall feel. Neighborhoods just a few blocks apart can have completely different characters and pricing dynamics.”

Tip 7: Conquering the Co-op Process

Prepare for the dreaded NYC co-op board package and interview process. Many desirable apartments require an excruciating approval process.

“Co-op board packages require tons of dizzying documentation like tax returns, bank statements, letters of recommendation, and more,” explains Marcus, an agent who specializes in co-op sales. “Assembling it properly takes meticulous planning. Boards also commonly require in-person interviews to evaluate you as a candidate. The process is grueling but working with an agent experienced with boards is crucial.”

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Tips for Sellers

Tip 1: Strategic Pricing

Price your home correctly right from the start. Overpricing can leave it lingering while underpricing leaves money on the table. Another great real estate agent, Garrett stresses: “Pricing strategy is everything. We analyze recent comparables on condition, location, finishes, and more to pinpoint the perfect listing price to drive maximum demand out of the gate.”  

Tip 2: Professional Marketing

Invest in professional staging and marketing to make your listing stand out from the competition. According to top-producing broker Molly: “With so many listings, you must invest in quality staging and marketing. Expert staging helps buyers envision living there, while pro photos/videos and targeted advertising capture more attention to sell quicker.”

Tip 3: Maximum Showing Flexibility

Be as flexible as possible in your schedule for showings. The more open houses and viewing times you allow, the more prospective buyers you’ll get. Dorothy – one of the city’s most accomplished agents, recommends that “The more flexible you can be with showing access, the greater the exposure for your listing. Buyers want to see new properties immediately.”

Tip 4: Comprehensive Offer Review

When evaluating offers, consider the full package beyond just the highest price. Look at financial qualifications, contingencies, and the buyer’s agent too. Lindsay, an agent focused on maximizing profits, explains: “We analyze the full picture – their finances, loan, down payment, contingencies, and whether their agent is experienced enough to execute the deal properly.”  

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Tip 5: Find Out Team

Assemble an experienced team of professionals -attorneys, stagers, marketers and more. Cathy, who manages a top team, says: “When selling in NYC, you need a proven squad who has handled every aspect – attorneys, stagers, expeditors, inspectors. They protect your interests through each stage.”

Tip 6:  Conquering the Co-op Process

If selling a co-op, do your homework on the building’s requirements, financials, and common charges. Red flags can scare away buyers.

“When listing a co-op, I always scrutinize the building’s financials and policies in advance,” notes Sandra, a co-op specialist. “If the co-op has low reserves, high common charges, strict investment caps, or other issues, these are red flags for buyers once we hit the market. Getting ahead of potential problems helps us transparently address them.”

Conclusion

The city’s top agents live and breathe the ins and outs of NYC real estate. When dealing with the oversized egos, demands, and deep pockets that characterize the NYC market, you need professionals who have been around the block.