Find me a great deal — That’s what every NYC buyer says to their broker, especially now when everyone wants to take advantage of the market downturn. Of course, nothing in this city is easy — and neither is finding a great deal but there are some sellers for whom the need to sell is urgent. So how do you find these motivated sellers willing to come down from their asking price from the ones who can afford to wait to get their price?
Where You Should Be Looking First
The average price cut for Manhattan neighborhoods is 6.8 percent, and for Brooklyn — where the average price points are lower, to begin with — it is 5.9 percent. Value is in higher demand than luxury.
Median price cuts for asking prices on active listings in Manhattan neighborhoods. URBAN DIGS
Look for a Bigger Apartment
Most big families left the city for the suburban areas which means sales of larger, family-sized apartments are hurting, especially in areas where there’s lots of similar inventory, like the UES and UWS.
Target Building With Amenities
Look for buildings that are loaded up on amenities that feature shared spaces. Those are not in high demand and also strike the wrong note on marketing materials these days — socializing with the neighbors does not sound so great these days. Also because of the social distancing rules some amenities might still closed, but they won’t be forever!
Most important — if you are looking to find a motivated seller and get a great deal you should be ready to act fast. That means having all financial documents ready. Be preapproved for a mortgage and willing to forgo a mortgage contingency. Also, stick with a buyer’s broker — this will be the key to getting a deal.
