How to start looking?
Were slowly gearing up to start looking to buy our first place, with an eye on the credit crunch and a hope for a softening market. We’d like an older 1+ or 2BR in one of the “south of the park” nabes – ideally Kensington or Windsor Terrace – for under $400K. Putting aside whether…
Were slowly gearing up to start looking to buy our first place, with an eye on the credit crunch and a hope for a softening market. We’d like an older 1+ or 2BR in one of the “south of the park” nabes – ideally Kensington or Windsor Terrace – for under $400K. Putting aside whether or not this is a pipe dream, can anyone give me some guidance on how to start looking – more to get a sense of the market and what’s out there than to snap something up – we have time. Do we just show up at open houses? Find a broker? Thanks!
Definitely see as much as you can, and really get to know the neighborhoods. After awhile, you will have a good sense of what blocks, areas you really like/don’t like, etc.
I would suggest having a real estate attorney at the ready, and let he/she know you are looking. If you end up liking a place, you may want the atty to look at the prospectus/offering plan before you make an offer, and you will need quick turnaround. I think this is especially true of coops. The atty will end up giving you much more guidance on the deal than the broker in most cases.
You may also want to get pre-qualified for a mortgage to get a really good sense of what you can afford.
Thanks all – a followup: when it comes time to make a deal, etc, who helps us figure out what to offer and guides us through the process? Are we on our own throughout? At what point do we hire a lawyer?
agreed, i wouldn’t get married to any broker; in any other locality they can be helpful but in this town they end up being a liability. you might visit RE offices, but don’t let them call the shots. i feel like the only thing they have to offer are listings that don’t make it to the internet, a dwindling but crucial statistic. i live for the day when the term ‘realtor’ becomes obsolete!
Agree with first 2 posters. We just bought a place and worked with brokers and searched ourselves. Our own searches proved far more productive, and eventually we found our house by ourselves. read the times and make the tel calls yourself and go out on weekends to see apts. Keep at it for a while and you will find your new home. good luck.
South of slope is the territory of Orrichio Anderson
Give Anna a call. I am not anna, I worked w/ her when looking for my place, she knows Windsor Terrace very well. “Kensington Mom” blog should give you ideas about that nabe.
K – Park Slope
I agree with the above poster. When I was looking to buy my house, the best deals were always the ones that were newly listed in the NYTimes. Everything that brokers were showing was stuff that had been sitting around for a while because no one wanted it. Those places either had some problem, or were just ridiculously priced. That said, who knows what can happen, maybe you’ll find the place of your dreams listed with a broker. Just look at everything you can – broker listings, open houses, etc. – its the only way you’ll know what is a good deal and what isn’t…..
we found that searching the nytimes.com listings was far better than working with a broker. and you’ll quickly get an idea of what you can get in your price range.