NYC Spring Market 2022 + First Time HomeBuyers

There has been a rise in those looking to buy homes for the first time. One of the main reasons there is such a peak interest this spring season is the increased cost of rents and interest rates. One of my favorite things about being a broker in NYC is helping those find their first home.

Some might see it as challenging, but there is nothing a great broker and team can't assist. According to the Real Deal, "The median sale price in Manhattan rose by 30 percent since February of last year, and inventory has fallen by 20 percent." So before you get discouraged, I advise you to give them these tips:

1. Save: It is never too early to save. Keep in mind that the down payment requirements - are generally 20% of your purchase price. There are also high closing costs NYC homebuyers have to pay.

2. Get pre-approval: Having a pre-approval gives you a clear understanding of how much you can spend on an apartment, and it also enables you to act quickly when you find a suitable apartment.

3. Keep an open mind: It is best to keep an open mind when you begin your apartment search. Compare neighborhoods that fit your personality, commute, and budget.

Please reach out to see how my team I can help you find your first home purchase in NYC!