How long did it take you to find/buy your first apartment?
Happy New Year, fellow Brownstonians! I’ve often lurked on this forum and found great advice about the nuts and bolts of apartment shopping and owning. My husband and I have been seriously looking to buy our first place for over 1 1/2 years. Off the top of my head I can think of 30 plus…
Happy New Year, fellow Brownstonians! I’ve often lurked on this forum and found great advice about the nuts and bolts of apartment shopping and owning.
My husband and I have been seriously looking to buy our first place for over 1 1/2 years. Off the top of my head I can think of 30 plus apartments that we’ve seen in the past 6 months and I know that there are likely more than that–after a while they all blend together a bit.
In the past 3 months we’ve really kicked our search into high gear and we’ve come very close to closing on several properties. 2 were accepted offers that we walked away from because of big red flags with our due diligence and one that we underbid b/c we thought the apartment was priced high for various reasons, but even in this supposedly slowing market someone else came in over asking. As the New Year begins, I’m trying to remain optimistic that we’ll find a place, but I can’t help feeling somewhat defeated by the whole process. I know that you have to see a lot and really get out there before you find your place, but it’s hard when you put so much effort into something and it always seems out of reach. How long did you search before you found your apartment?
First time buying is the hardest. I looked 2 1/2 years, off and on (because sometimes you are just too busy to spend your weekend looking, and sometimes there is nothing new you haven’t seen that fits your requirements.) Yes, it was a long time. It was hard, because in that time, prices doubled. Walked away from one sponsor unit after I had an accepted offer, where there were issues with the sponsor finishing the reno properly – never regretted that. Was outbid on other apartments. Had a beautiful rental, and wanted what I bought to be at least as nice. Finally found it. You just have to keep at it. You learn from each bid you make. And, buying something really desirable made it really easy when it was time to sell years later. What really took so long was that I realized I wanted a bigger place than what I was first looking at – I was looking at what I could afford. I increased my income during my search, and felt comfortable buying a larger place eventually, despite the rise in prices. And I don’t regret not settling on something smaller earlier. So, if you aren’t inclined to compromise, then don’t; just keep looking, you will know what to bid on.
It took me 9 months to find the condo. Then almost a year before it was it was completed to actually move in.
only in ny kids
While there are some conflicts of interest, I do believe that a good buyers’ broker can be invaluable. We moved back to Brooklyn after a stint in California, and used a broker to help us power house hunt for three days. (We’d been watching the market via the internet and with local friends for about four months prior to our visit.)
Our broker showed us apts that were not within her brokerage, and changed the places that she showed us as we gave feedback and changed our price range.
We saw maybe 15 apartments within those three days – by the end of it confidently put in a bid. Good luck with your hunt!
it took me two or three months, looking in park slope. (but that was 2002.)
There’s no such thing as buyer’s broker! it’s a myth!
It took 4 months of intense search (going to open houses almost every weekend) for us. I have to say apt-hunting in NY is the most exhausting and frustrating thing to do. A few of the deals fell through, which were devastating.
Take your time, be patient, I’m sure you’ll find a place that you’ll love (in which case you should jump on it right away). Hang in there!
Buyer’s brokers in NYC are a waste of time. No one works for the buyer. Don’t let anyone tell you otherwise.
There absolutely are buyers brokers in NYC. We’re using one after searching by ourselves for several months, and the help has been invaluable. Especially in the negotiating process, having your own broker is a great tool. He can feel out the sellers broker, see if they’re open to aggressive offers, can extol your qualities (willing to move expeditiously, very qualified buyers etc…). Our broker has really helped us every step of the way, not so much in locating places but in everything after that.
i looked for about 18 months before i bought. i probably attended several dozen open houses. i bid on three places, including the apartment i finally bought. i’m very happy with my decision.
take as much time as you need. each of us has a different method for selecting things so what works for someone else may not work for you. this purchase is probably the largest purchase you’ll make (up to now) so why not trust yourself? you’ll have to live with it, literally.
You aren’t too picky. You are spending a lot of money (well maybe not to some but…and I don’t even know your budget) so take your time. You will have to compromise on something; location, size, something won’t be just right but you’ll find an apt. It took us longer than 1 1/2 yrs to find a house. The problem was that we’d get frustrated and stop looking and then when we would start again things were more expensive. Hang in there!