Blooming Sky is proud to have been a featured content provider for StreetEasy over the past year. We've been able to take our unique voice that we've been sharing with you and share with the rest of the world. To give you a snapshot of all our content that we have written for StreetEasy, below you will find links to the articles, in addition to key highlights.
This article is aimed at helping people considering buying their first home in New York City. We break down some of the key essentials involved in planning for the process all the way to starting the search. We know it takes a combination of money, stamina and patience.
Some of the highlights include:
- Save enough money for a 20% down payment (although 10% may work for numerous properties)
- Make sure you know what you can afford by getting pre-approved by a mortgage broker
- Work with a broker that represents you as a buyer (this is what we do at Blooming Sky)
Buying a home in New York City is not your every day process. As such, buyers need to prepare themselves to maximize their opportunity and mitigate any risks associated with the process. We had the chance to dive deep into some of the top mistakes that homebuyers make in NYC and provide details on how to avoid them.
Some of the key takeaways;
- Don't try to find the perfect apartment. It doesn't exist. You will have to compromise on location, space or price
- Make sure to apply with multiple lenders so that you get the benefit of shopping around for the best mortgage rates
- Ensure that you always keep looking and try to avoid simply going for the first thing you see without additional context of what else is out there on the property market
Everybody likes being a winner, especially when it comes to getting the property they want. Finding the right property is already a lot of work as it stands, so submitting a winning bid is the next significant hurdle to overcome. There is an art to submitting the winning bid for a New York City property, whether it be an apartment or brownstone.
Here are some of the tips for providing the winning offer:
- Provide proof of funds and pre-approvals with offer
- Be willing to put additional cash down, which makes the offer stronger from the seller's perspective
- Be flexible to meet the demands and conditions of the seller, which will put you in good standing
Having a bad real estate agent is never a pleasant experience. The faster you can identify whether you have a good or a bad one, the quicker you are able to move on. The purpose of a real estate agent is to work on behalf of your needs and wants. Anything less than that is substandard. At Blooming Sky, we've had the pleasure of always being on the side of our clients, and it's something we absolutely pride ourselves in.
Here are some key things to look for to identify whether you have a bad agent:
- They don't communicate enough with you and leave you in the dark
- They pretend like they have better things to do than to work for you
- They do a bad job listening to your needs
Over the years of flipping apartments, we've been able to continue upsizing. While there is no exact science and formula to it, one of the key traits we've needed to hone in on is persistence. It doesn't just stop after one apartment, it keeps going!
Here are some of the tips and tricks we've utilized to continue flipping apartments:
- Start as soon as you can to get the ball rolling to get a mortgage and buy a property
- Have a plan of where you want to get to and how you plan on getting there
- Never attempt to time the market, as you'll likely always hesitate to make the decisions you need to make to keep moving forward
When it comes to selling your apartment, staging may take a key role in ensuring that you maximize your returns on the property. Staging can be done both virtually and with real furniture, so it is largely dependent on your budget. In some cases, it really can make all the difference to helping you get the price your are commanding.
Some of the key staging tactics we recommend include the following:
- Clean up your apartment by removing all the clutter. People like seeing clean homes. They don't want to see your personal life strewn about
- Apply art to the walls to bring them to life and add another dimension to your space
- Furnish the space smartly to enhance how potential buyers perceive the functionality of the space
Foreign investors make up a significant component of the New York City real estate market. While foreign buyers have such clout when it comes to the NYC real estate arena, there are several important things they must keep in mind when navigating the local market.
Here are several of the most important things foreign buyers must keep in mind:
- Foreign investors must focus their search on condominiums
- Traditionally, investors have focused mainly on Manhattan. They should also consider Brooklyn
- Foreign buyers tend to focus on new developments for the purposes of resale value and tax incentives
ew development is a fact of life when it comes to the New York City real estate market. Given the positive momentum in the real estate market over the past several years, it comes to no surprise that construction cranes can be found on every block in NYC. Many developers sell apartments in the pre-construction phase, once they have a marketable offering plan in place. This creates an opportunity for many would-be buyers to get into the market. For more information on new development, we've developed the New Development Manhattan Guide and the New Development Brooklyn Guide.
Some considerations for seeking out new development in New York City include:
- Brand new buildings designed by starchitects (Piet Boon, Zaha Hadid, Bjarke Ingels)
- Over the top amenity packages
- Great resale value
With more StreetEasy articles on the way, we're excited to get 2017 off to a great start.
Are you looking to learn more about how we work with our clients to help them secure the properties of their dreams? Don't hesitate to learn more about us and contact us here.