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Tag: real estate

Where should you buy an apartment in Manhattan?

There are more than 50 neighborhoods to choose from when you want to buy an apartment in Manhattan. Each has its upside and downside, its little quirks, and its own unique vibe. But, no matter where you choose, you’re bound to find a vibrant, thriving community brimming with bustle and life.

Wondering what neighborhood might be best for you? Below is a list of some of the best neighborhoods to consider when you’re looking for an apartment for sale in Manhattan.

Neighborhoods

Bowery

The Bowery was once a neighborhood for those who were termed at the time the “down and out.” The area was known for decades for its bars and flophouses. Since 1990, the area has been reviving and is now home to luxury high-rise condo buildings. Median price: $2 million*.

Chelsea

A primarily residential neighborhood, Chelsea was named after a neighborhood of the same name in London. Chelsea is a diverse neighborhood known as one of the city’s key art centers. The area’s homes consist of pre-war co-ops, historic townhomes, and luxury condo buildings. The High Line, an abandoned elevated railway that was transformed into a park, runs through this neighborhood. Median price: $1.4 million*.

Tiles showing Chelsea Local, located at the Chelsea market, famous food hall in the Chelsea district.
Night view of the High Line, the former elevated rail tracks repurposed as a park in the Meatpacking district.

Chinatown

First settled in the 1870s and housing the largest number of Chinese people in the Western Hemisphere, Chinatown is a vibrant neighborhood with restaurants serving fresh, authentic Chinese food. New loft-style apartments are being built on the edge of the area. Median price: $688,000*.

East Village

The success of this neighborhood’s art scene led to its popularity. East Village was home to artists and musicians in the 1950s and is filled with galleries, bars, and small museums. Median home price: $1.9 million*.

Financial District

Popular with those who work on Wall Street, Manhattan’s Financial District has a mix of walk-ups above stores, luxury high rises, and historic buildings. Most of New York City’s historical sites are located in this neighborhood. Median price: $800,000*.

Flatiron

Flatiron, named for the iconic Flatiron Building, is predominantly a commercial area. Housing consists of mostly newer luxury buildings with all the key amenities along with a few walk-ups. Median price: $947,000*.

Night aerial view of the Flatiron building in the Flatiron district.
View from the water on the Financial District skyline in the south of Manhattan.

Gramercy

Famous for its ivy-covered brownstones, Gramercy is an oasis amid the hustle and bustle of Manhattan. Its most famous attraction, Gramercy Park, is open only to members. There is some new construction, consisting mostly of older walk-ups and doorman buildings. Median price: $985,000*.

Greenwich Village

Known as a home for artists and bohemians, Greenwich Village was the birthplace of the counterculture movement on the East Coast. This historic neighborhood contains walk-ups, brownstones, and high-rises on Park Avenue and Fifth Avenue. Median price: $2 million*.

Hudson Yards

Hudson Yards is Manhattan’s newest neighborhood, and also the largest private development in the US. It boasts 18 million square feet of commercial and residential spaces with more than 4,000 homes. Median price: $6.8 million*.

Little Italy

The streets of Little Italy are lined with Italian eateries with their traditional red and white checked tablecloths. Most of the housing in this neighborhood are walk-ups over stores and restaurants, along with co-op buildings. Median price: $1.6 million*.

Street sign showing Welcome to Little Italy in the little Italian district, close to Chinatown in Manhattan.
Picture of the Vessel, the famous monument located in the new neighborhood of Hudson Yards.

Lower East Side

One of the oldest neighborhoods in Manhattan, the Lower East Side is known for its immigrant working class past. This affordable neighborhood is filled with mostly pre-war walk-ups and a few luxury high rises. Median price: $1.2 million*.

NoHo

NoHo (North of Houston) was a manufacturing area in the late 1800s. New luxury high-rises are mixed with walk-ups on side streets. NoHo is one of the most sought-after neighborhoods in Manhattan. Median price: $3.8 million*.

NoLIta

Like many neighborhoods in Manhattan, this one was named for its location―North of Little Italy. This four-block neighborhood is home to high-end chain stores, charming boutiques, and vintage shops. Historically Italian, NoLIta is now a diverse, trendy area with well-kept, pre-war walk-ups. Median price: $2 million*.

NoMad

NoMad (North of Madison Square Park) was named in 1996, but the area is much older. Europeans first occupied the area in 1686. Its housing stock includes historic brownstones, walk-ups, and new luxury high rises. Median price: $3.2 million*.

SoHo

SoHo (South of Houston) is one of Manhattan’s trendiest neighborhoods. Known for its cast-iron architecture, it’s home to artists and trendsetters. SoHo was once a powerful manufacturing center, and its former factories now house studios and art galleries. Living spaces are small and consist mainly of walk-ups and luxury co-ops. Median price: $5.4 million*.

TriBeCa

TriBeCa stands for Triangle Below Canal Street and features large lofts in converted warehouses and luxury mid-rise condo buildings along its quiet cobblestone streets. The neighborhood is known for its architecture and beautiful outdoor spaces. Median price: $5.6 million*.

Night view of an alley in TriBeCa, with lights illuminating the porches on the sides.
Typical New York residential brick buildings in SoHo

Two Bridges

Another historically immigrant neighborhood, Two Bridges is located between the Manhattan Bridge and the Brooklyn Bridge. Until recently considered a part of the Lower East Side, its housing stock is a mix of tenement-style walk-ups and high-rise mixed-income and affordable rental housing. Median price: $2 million*.

Upper East Side

Among the most affluent neighborhoods in Manhattan, the Upper East Side is a cultural center with some of the most famous museums in the world—the Guggenheim, the Metropolitan Museum of Art, and the Cooper-Hewitt Smithsonian Design Museum. Area housing includes luxury high-rise condo buildings, townhomes, and brownstones. Median price: $1.6 million*.

Upper West Side

Known for the American Museum of Natural History and the Lincoln Center for the Performing Arts, the Upper West Side is one of the greenest areas of Manhattan. It boasts both Central Park and Riverside Park. The current housing stock is made up of townhomes, co-op and condo buildings, and high-rise luxury buildings. Median price: $1.8 million*.

West Village

Once part of Greenwich Village, West Village was home to the American bohemian culture in the 20th century. Now a laid-back neighborhood with winding streets and cobblestone, it sometimes feels like a small European town. The streets are lined with historic brownstones in styles from Romanesque Revival to Greek Revival. Median price: $1.6 million*.

*Data from PropertyShark

The rise of Manhattan real estate

Real estate prices were near record highs in 2021, and it looks like that upward trajectory will continue. If you want to buy an apartment in Manhattan, now is the time. There is pent-up demand and only about five months of housing supply. The median sale price for a condo was $1.7 million in July 2022, up 4.4% higher than the same period in 2021.

If you’re looking for something a little less expensive, think about buying a co-op in Manhattan. Co-ops tend to be less costly and typically offer more space than condos, but the purchase process is a little more complicated. So take a look at both options and decide which is right for you and your situation, and contact BARNES New York when you feel ready to buy an apartment in Manhattan.

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Where to find the best luxury real estate in New York?

New York City consists of five boroughs: Manhattan, Brooklyn, the Bronx, Queens, and Staten Island, and each has its own style and way of life. Sometimes, passing between the borders of each borough can feel like traveling to an entirely different state.

Each borough comes with its own historical significance, urban centers, and array of diversity. And New York remains one of the most popular places to live in America.

With popularity comes luxury living, a category where New York City is in no way lacking. With neighborhoods such as Noho, Hudson Yards, Tribeca, and Central Park, the options are limitless in luxury real estate in New York.

What about Hudson Yards?

Hudson Yards is unlike any other neighborhood in New York City. It is well known for its first time visiting New York experiences and its incredible and artistic architecture. It’s very close to Central Park and borders the Hudson River. Its abundance of luxury townhouses and luxury homes, and skyrise properties offer stunning views of some of New York’s most iconic buildings, the river, and Central Park. Some properties offer views of all three. In any case, you will have an incredible view of Manhattan to take in and enjoy.

Hudson Yards was top on the list in terms of median sales price for their luxury spaces, the Manhattan neighborhood coming in at $8.5 million.*

What about NoLIta?

NoLIta stands for North of Little Italy, and is a intimate neighborhood with a distinctly, unique charming vibe. You will find numerous boutiques and vintage shops, bakeries and pop-up art galleries throughout the area. Apartments can be hard to find, because the neighborhood is very small, and consists mostly of pre-war walk-ups, although there are a few newer doorman buildings and new developments.

NoLIta was second only to Hudson Yards in terms of median sales price for their luxury spaces, the Manhattan neighborhood coming in at just a shade under $7.5 million as of May 2022.*

What about Central Park?

Central Park is home to some of New York City’s most iconic views, so it only makes sense you will find a lot of luxury real estate around it. And the hundreds of highrises and historically-significant and renovated buildings that line the famous park, especially on its southern border, are the most sought-after properties in the city.

The neighborhood of Central Park South, located on the southern stretch of Central Park, is tiny. It is only three blocks long by two blocks deep, but it packs a lot into that small space. It is home to many of New York City’s picturesque views.

Luxury properties sharing a border with Central Park will be the most expensive in the neighborhood, but, on average, the sale price for properties here was just a shade over $6,645,500.*

View of Central Park and its pond in autumn, with luxury buildings and red trees.
Central Park at The Mall in New York City during predawn, with street lights on and orange leaves and autumn colors on the trees.

What is NoHo’s Style?

NoHo, or north of Houston Street, is a neighborhood within Manhattan and has an incredible view of Manhattan. The area has some of the city’s best critically-acclaimed restaurants and entertainment as well as designer boutiques. It’s been described as laid-back, but with something always going on—you will never be bored.

Housing-wise, NoHo’s well-known luxury buildings are some of the most highly-sought after in the city, and they are chock-full of architectural history or their own unique style.

NoHo is third on the list in median sales price at just over $5,150,000.*

Where is TriBeCa?

TriBeCa is located on the southern tip of Manhattan and is known for its industrial look. This portion of Manhattan has been restored and renovated while maintaining its original, more turn-of-the-century beauty. Historical lovers would be at home here. It has riverside views, notable restaurants, and plenty of sleek bars to fit a luxury lifestyle.

TriBeCa is also well known for its annual film festival, the TriBeCa Film Festival. Properties here, on average, go for a little above $3.2 million.*

Luxury kitchen, well decorated in a white, beige palette. Two round chandeliers are hanging from the ceiling, an island countertop with two stools is in the foreground.
Luxury bathroom of light brown marble, with a standing shower with glass panels and a bathtub.

Are there any luxury options outside of Manhattan?

Of course there are! The luxury apartments market in NYC is prevalent in more than just Manhattan. Of course, the options are a little bit more limited outside of Manhattan, and the surrounding areas don’t necessarily offer the same prevalence of luxury amenities, like fine dining or theaters, but they are there.

The borough of Brooklyn would be Manhattan’s biggest rival in terms of luxury living, especially DUMBO, with a median sale price of $2 million.

What neighborhood would you recommend?

Any of the neighborhoods mentioned above would be a good starting point when looking for luxury housing. But it’s nearly impossible to beat the views of New York City’s skyline that are available only in Manhattan—not to mention Central Park. With Central Park within commuting distance from anywhere in Manhattan, the area is really unrivaled.

To begin a more in-depth search into luxury real estate in New York, contact BARNES. BARNES New York is an international luxury brokerage that can help you find the best possible option for luxury living in the big city.

* Data from PropertyShark

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How to buy a brand new apartment in Brooklyn?

Buying a brand new apartment in Brooklyn is an amazing and rewarding experience to be had by buyers of all backgrounds and lifestyles. Brooklyn is a city filled with life, color, and culture that shows in nearly every neighborhood and part of the city.

While searching for an apartment to buy and going through the process can be time-consuming, it can be made easy by understanding your budget, each neighborhood, and the overall steps to buying a brand new apartment in Brooklyn. When looking for a space in Brooklyn to call your own, BARNES New York is here to help guide you.

What is your budget?

View of the NYC skyline at the back, with the Brooklyn skyline in front, during sunset.

How much are you willing to spend on your apartment? In Brooklyn, the median sale price of an apartment market-wide, including resale and new developments, is around $980,000 as of July 2022*. When considering brand new apartments in new developments in Brooklyn, the median sale price increases to $1,200,000 in July 2022*. Like other New York neighborhoods, co-op apartments are often cheaper than condominiums, but it’s fairly rare to find a brand new co-op building. In general, homes in a new development in Brooklyn will cost more than existing resale. Important tip: it is best to save about 20% of the cost of the apartment before buying, if possible. This gives you plenty of wiggle room when looking for a brand new apartment to buy and greatly strengthens your offer.

Having a reasonable budget of $1,000,000 or more will ensure you find new apartments and condos for sale in Brooklyn that will meet your needs. But, of course, prices also go up with more accommodations, features, and luxuries available. Depending on what you’re looking for, set yourself a limit to finding hidden gems in your home and avoid overspending. It’s best to talk to your banker or mortgage broker to request a pre-approval letter to help you pinpoint your budget.

*Market data from UrbanDigs

What about location?

The price of the apartment you buy in Brooklyn can vary greatly depending on the neighborhood it is located in. While areas such as Williamsburg and Dumbo tend to be more expensive, Greenpoint and Carroll Gardens can be much cheaper options.

Williamsburg

Williamsburg is one of the trendiest area in Brooklyn, filled with bars, restaurants, and retail stores, feeling much like a giant city within an even bigger city. An apartment in Williamsburg is ideal for Manhattan Bridge views, easy access to luxury shops, and a comfortable residential feel. Although there are also plenty of work opportunities in Williamsburg, it is great for many residents to settle in as well. There’s always an new apartment to buy in Williamsburg thanks to several solid new development programs.

Dumbo

Dumbo is priced similarly to Williamsburg, emerging as a hotspot in recent years as former industrial spaces are converted to cozy residential homes. However, the price is worth it, as it is filled with lovely streets lined with vintage shops and unique pieces, and it’s a popular spot for older groups. Several new development programs offer beautiful housing options in the neighborhood. Whether you are buying a new condo or co-op in Brooklyn, Dumbo’s vision is sure to make it a stunning home.

Greenpoint

Greenpoint is a great area to settle in as there’s less hustle and bustle than Williamsburg, which is just south of it. The area has many beautiful brownstone apartments and is home to a large Polish community. The food at Greenpoint is excellent and varied, so it’s great for people of almost every culture, especially Europeans. New buildings in the area offer brand new condos with good amenities and easy access to the subway.

Carroll Gardens

Carroll Gardens offers a small selection of brand new apartments, but provides a small-town feel from within Brooklyn’s big city, and even though it is smaller than many other neighborhoods in Brooklyn, the close-knit community can make any newcomers feel welcomed. An apartment in Carroll Gardens is not only beautiful, but it is also great for those who are looking for a quiet house in a smaller neighborhood.

What is the buying process like?

As a potential buyer who wants to buy a brand new apartment in Brooklyn, you should work with an experienced buyer’s agent. By working with a buyer’s agent, you can save money by helping you find great deals on apartments, working with your best interests in mind, and help you navigate the different neighborhoods in the city, especially with agents specialized in new constructions in Brooklyn and its different areas.

In addition, it is important to prepare documents for your offer and to find a real estate attorney. Once the offer is accepted, your attorney will review the offering plan before you enter a purchase contract.

Because it can be difficult to get a mortgage on a new development, you might want to consider working with the “preferred lender” for the building, who is usually familiar with the construction and able to give loans more easily. Start building requests as soon as possible to stay on top of additional messages and information while staying organized with important information.

How do I secure the apartment I want?

Once the offer is accepted for your Brooklyn apartment, you can begin the process of closing on your new home. After signing off, your brand new apartment in Brooklyn, New York, is now completely yours!

The process usually takes about up to 2 months for condos and up to 3 months for co-ops for resale, but for brand new homes and buying off the floor plan, the timeline can greatly vary, especially when some apartments are being sold before the construction even begins! If possible, provide documents such as IDs, tax returns, and other important records to be as thorough as possible. Buying an new apartment in Brooklyn can be a long but highly rewarding process, and having these resources available will help streamline it. Owning a home in a beautiful city filled with color, friendliness, and diversity is a huge step forward in life. Contact BARNES New York to start looking for your brand new apartment in Brooklyn!

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What is the real estate market like in the Hamptons?

Like most residential areas outside of big cities, the Hamptons have seen a tremendous influx of home buyers and residences since the beginning of the COVID-19 pandemic. People want to live outside the city more than ever while still remaining somewhat close, and the housing market reflects that.

Like most of the world, the Hamptons has a competitive housing market where buyers enter bidding wars against other buyers to land the house. Because of that, areas of the Hamptons that have been harder to sell in have suddenly become a buyer’s destination. And with some revitalizations of shopping districts and nearby downtowns, those areas have become even more desirable.

About How Many Residences Are on the Market Today?

At the time of writing, over a thousand homes were for sale or rent in the Hamptons, with listing prices ranging from approximately $400,000 on the more inland properties up to $78,000,000 for the oceanfront properties. When considered over the entire year, rental prices start at around $14,000 annually and go up from there.

The listings, as described above, are located throughout the Hamptons, from the westernmost stretch (Westhampton, Westhampton Beach, and Eastport) to the eastern tip (East Hampton, Amagansett, and Montauk).

Where is the best place to live in the Hamptons?

Of course, this leans a little on personal preference: do you like oceanfront properties more than wooded inland ones? Or do you prefer properties closer to restaurants, shops, and museums? But, with that being said, and with so many real estate options in the Hamptons, there is something that will fit within your ideals.

What is the upside to Westhampton?

Of the Hamptons, Westhampton is the closest neighborhood to New York City. By car, it is just under 1 hour and 30 minutes to Midtown Manhattan, making it the ideal location for those who would like to commute to the city frequently. Because of this, Westhampton has seen some upswing in the amount of purchases lately.

Couple that with a revitalized downtown, its proximity to the water, and it’s clear that Westhampton will continue its upward trajectory.

What is the upside to East Hampton?

Montauk

Farther away from New York City is East Hampton, a quieter area in the Hamptons. For reference, by car, it is just under a 2-hour drive from Manhattan (near Central Park). It has a thriving downtown with plenty of charm and accommodations and is perfect for those wanting to experience New York without all of the crowds and business of the big city. It also has incredible views, plenty of parks with hiking trails, and long, scenic beaches.

Of course, with such features and accommodations, East Hampton real estate has seen an uptick in buyers lately and can be competitive.

How competitive is real estate in the Hamptons?

According to the Hamptons Real Estate Report by Hedges, the Hamptons real estate market has declined in terms of the number of sold listings. However, the amount of each sale had increased over the previous year, meaning that even though fewer properties were sold, the amount they sold for was higher.

The reason for the increase in sale prices can be pinpointed to two reasons. The first reason being that it costs construction companies more money to build properties due to the uptick in labor and material costs throughout the world.

The other reason also relates to construction. Again, because of the cost to build (and the material shortage), companies just can’t build new properties as frequently as they had before. And for that reason, there are fewer properties for potential buyers. That means for those that are on the market, the lack of properties make it ultra-competitive, and potential buyers often have to enter bidding wars against other buyers.

Any recommendations for property buying in the Hamptons?

Beautiful brown mansion with a driveway and a fountain.

There are many property and real estate opportunities in the Hamptons despite the decline in the number of sold listings—almost every village, town, and hamlet within the Hamptons has property for sale. It then becomes a matter of where you want to live; or where you can afford to live. For those looking to spend upwards of 10 million dollars, the oceanside properties of East Hampton, Amagansett, or Montauk would be of interest.

Those hoping to spend less than 10 million dollars but still desire an oceanside property should look to Westhampton, Westhampton Beach, Eastport, or the areas around those villages. And for those not wanting to spend a million dollars, looking at the villages and hamlets more inland would lead to desirable options.

What does the future of real estate in the Hamptons look like?

Because of the pandemic, the Hamptons has seen an influx of buyers gobbling up their real estate supply at record rates. Rates which, largely due to material shortages, construction companies and contractors haven’t been able to keep up with. As a result, not only had the Hamptons seen a decrease in the number of sales, but it had also experienced a decrease in supply.

However, with many companies leaning more on remote workers than ever before, several agencies and real estate heads are predicting a more stable and ‘normal’ market for the Hamptons in the future. To check out all the finest luxury listings available, alongside expert advice and guidance, be sure to contact BARNES New York.

Pied à Terre: A Home Away From Home – Redfin

BARNES New York was recently featured in Redfin article “Pied à Terre: A Home Away From Home”. A pied à terre is a luxury apartment or condo in a big city that someone uses as their second home. People generally invest in pieds à terre for convenience, proximity to work, to visit a particular city, or as a home away from home.

There are many advantages to owning a Pied à Terre, especially in New York City, the city that never sleeps. Read on to learn about where you can find pieds à terre and how you can choose one that makes the most sense for you.

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BARNES New York at the NYC Real Deal Showcase + Forum 2022

BARNES New York had the opportunity to be present at the Real Deal Showcase + Forum 2022 at the Metropolitan Pavilion in New York City on May 19th, 2022. The showcase attracted several thousands of professionals across several industries related to real estate, for a day of networking and panel sessions on the current and future state of the market.

Keynote speakers like Ryan Serhant, Gary Barnett and even NYC Mayor Eric Adams, shared their insights on the Post-COVID era and the latest trends and news in the industry.

The BARNES New York team had the pleasure to attend, introducing the brand and the luxury ‘Art of Living’ services to curious attendees. Representatives from the BARNES Miami and Montreal offices also made it to NYC, allowing for an international event that reinforced the deep ties between the different offices of the BARNES North America coalition and perfectly illustrated BARNES’ international position in the real estate scene.

BARNES Magazine n°31 is hot off the press

The BARNES Spring-Summer 2022 magazine is hot off the press, featuring Corinne Mentzelopoulos, French-Greek businesswoman who owns and runs the prestigious Bordeaux wine estate, Château Margaux. She did BARNES the honor of giving a tour of her magnificent vineyard, surrounded by two of her children, Alexandra and Alexis, who have also joined the family venture.

Learn about the story of Christofle, a renowned silversmith and tableware company, who revolutionized culinary arts, introducing new innovations and revolutionary techniques. You’ll be able to learn more about architecture and interior design with the launch of the new BARNES department, BARNES Interiors.

Discover a selection of Art, wine, top holiday destinations and the latest about fashion. Browse through a selection of our most exceptional properties in international cities, France, as well as destinations on the countryside, seaside and mountainous regions. Click on the link to access the online version of the magazine:

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What are the most common questions homebuyers ask?

Buying real estate is a significant step forward in resolving the housing issue. This important event brings joy to many! But there can also be anxiety due to the necessary paperwork and procedures. You need to be entirely sure that the house you’re interested in is “the one” before making an offer. But how can you choose your ideal home when there are so many possibilities and so much competition? You’ll need to conduct thorough research to find the right home. This includes asking the right questions. To help you get started, we bring you a list of the most common questions homebuyers ask. We also offer an in-depth background behind them to further assist your home buying process.

What is the first step in the homebuying process?

Real estate experts will tell you that going to the bank should be the first brick you put down in the process. First and foremost, speaking with a lender before looking at houses will help you determine how much you can pay. If you can only afford up to $400,000, there’s no use in looking at homes that go for $450,000.

A miniature home next to a set of keys and a piece of paper.
Deciding whether to buy or sell first relies on many factors.

There are also many first-time homebuyer programs for those new to this. Because these programs differ based on your location, it’s essential to determine what’s available to you.

Another significant reason to speak with a lender before browsing homes is to get a clear picture of the costs of purchasing a property. Many first-time homebuyers are unaware of the differences between a down payment, pre-paid items, and escrows, all of which may be discussed in detail with a mortgage adviser. A mortgage consultant can tell you all about the sort of financing you should seek and whether or not you should ask the seller to contribute to your closing expenses, which is defined as a seller’s concession.

Is my credit score a factor in my ability to purchase a home?

A credit score is a numerical representation of a person’s credit history that provides a lender with a glimpse of their financial situation. Mortgage lenders use the score to determine who gets loans and at what interest rate. The greater the value, the more likely you will get approved for a loan with a favorable interest rate.

If your credit score is poor, getting a loan is not impossible, but it will take more time. Equifax, TransUnion, and Experian are the three firms that maintain track of credit histories. Get reports from all three firms before applying for a mortgage. Correct any issues you discover to increase your score and make a good impression on the lenders.

Should I sell my present home before buying another?

This is a complicated matter because it primarily depends on one’s financial situation and capacity to obtain transitory lodging. If clients want additional equity to buy a new house or complete a financing plan, they should sell their present property first. They will, however, most likely require temporary accommodation from a close friend or family member or a short-term rental somewhere.

Real estate agent showing a house to a family.
An agent could answer most of the questions you have.

How much money do I need to put down as a down payment?

For first-time homeowners, saving for a down payment is perhaps the most challenging task. Lenders require a down payment of 5% to 20% of the purchase price. It varies depending on the loan provider’s conditions and the kind and term of the mortgage. For instance, FHA loans require at least 3.5% down. A VA loan, which involves no money down, is commonly available to veterans. Rural properties are frequently eligible for a USDA loan, which does not require a down payment.

What is the average time it takes to close on a home?

It may differ based on the circumstances. If you have a traditional mortgage, you should be able to close in 45 to 60 days. If you’re receiving an FHA or VA loan, the closing time would most likely be about 45 days. Expect to wait a few months if you’re buying a foreclosure. Short sales are typically sluggish, taking anywhere from two to four months to complete.

In the meantime, you can work on arranging everything related to your relocation, such as figuring out what items to take to your new home and finding residential movers. Professionals can organize everything, allowing you to focus on the other parts of the process.

Is it necessary for me to hire a real estate agent, and if so, how much would they charge me?

Yes. If you want to invest in a home, you need an expert by your side. A real estate agent has completed professional training, knows what needs to be done, and interacts daily with buyers and sellers. They will also be your personal representative, someone who is entirely focused on your best interests. There are many benefits to using a real estate agent as a homebuyer.

A calculator and a notepad next to a stack of dollar bills.
Checking your finances is the first step.

Another blessing is that you don’t have to worry about paying them, in some cases. Because the seller pays all fees, the commission is shared between the seller’s agent and the buyer’s agent in a transaction.

Is it possible to back out if I change my mind?

While homebuyers may indeed back out of a purchase, doing so without a reasonable cause could result in losing earnest money (the money put down to seal the offer, which could be anywhere between 1% and 10%). However, there are a few options for walking about with your earnest money in hand. For instance, if the house inspection is unfavorable, the buyer can try to renegotiate.

Final thoughts on the most common questions homebuyers ask

Being prepared and well-informed before purchasing a property can make a significant difference, especially in a strong real estate market. The home buying process begins before you even set foot in a house and continues until you complete the final walk-through. Following the answers to these most common questions homebuyers ask, you hopefully have a better idea of what to expect. Do not hesitate to contact BARNES New York for your real estate project, and good luck!

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Rightmove’s most-viewed international property listings of 2021

Rightmove, or rightmove.co.uk, is the UK’s largest online real estate portal and property website, allowing users to discover more than 1 million property in the UK and abroad on their large property marketplace.

Rightmove has shared which international homes attracted the most interest online, and along properties in highly coveted California, France and Portugal, BARNES New York’s property made it to the fourth position, with its incredible castle in the sky at 515 Park Avenue. Located just a few steps from Central Park, this extraordinary mansion combines over 2,000 sq. ft. of spectacular terraces overlooking Park Avenue with 6,000 sq. ft. of magnificent interiors in this enormous mint-condition duplex, including 7 bedrooms, 7 bathrooms, and a separate studio, in a premier full-service condominium building.

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New York is not dead – Real estate market still strong

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The COVID-19 pandemic changed the way we behave and had a deep economical and social impact on societies all over the world. It is thus not surprising that the real estate market was impacted, especially in a megalopolis like New York City, where the housing prices can lead people to live close to each other in cramped apartments. It was also a natural reaction to want to move away from the city, to a suburb or even farther where one could rent a spacious house and enjoy fresher air and greenery.

However, New York will always be New York, and despite a decrease in rent and sales prices during year 2020, prices are now back to a pre-pandemic level, and people are ready to move back to the bustling and lively Big Apple. New York real estate market is still strong and resilient, and there are still great opportunities, especially in new developments.

BARNES accompanies you in all your real estate endeavors in New York and abroad thanks to its international and global network, and its 100 offices in the most coveted destinations and world capitals, and with three expansiosn planned: in Greenwich, Connecticut, the Hamptons and New Jersey.

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