The Home Buying Process

Buying an apartment can be an overwhelming process. Fortunately, an excellent Broker can guide you through the process and help get your foot in the door (literally!). Buying an apartment is actually a simple process, and when you work together with real estate professionals, you will have fabulous results! The following is an overview of the home-buying process. Each step provides a basic overview with a link to additional info. Or at any time, you can contact us to review the process and guide you step by step.

Step 1 – Get Pre-Qualified
One of the First steps in finding a home is to speak to a reliable mortgage representative and determine what type of mortgage you may be eligible for. You may also take this step after speaking to a Realtor.

Step 2 – Speak with a Real Estate Broker
You should choose a Broker that you feel comfortable working with. Don’t be afraid to interview the Broker. Discuss your situation with a professional and ask what he/she can offer you. For some sample questions please review How to Interview a Broker.

Step 3 – The Home Search Process
Your Broker will create a “search profile” for you. This is a fabulous feature that will save you much time. Most apartments listed on the internet are outdated and a professional Real Estate Broker can help you filter through to target the most suitable apartments that are currently available. From this list, we will make arrangements for an in person showing.

Step 4 – Negotiating the Price and Terms & Conditions
Once you have found an apartment you would like to buy, your Broker can help provide you with great information to help make the deal possible. A few important steps include determining what similar homes have sold for, structuring the deal with earnest money, terms and conditions, buying with a mortgage, etc. Your Broker will facilitate negotiating “your” price utilizing many tools available, i.e., seller price, motivation, condition etc…

Step 5 – Getting your Dream Home “Under Contract”
After your offer is accepted, your Broker will work in tandem with your attorney to prepare the contracts, discuss building financial information and walk you through the contract execution process.

Step 6 – The Contract Process
Once we have a signed contract (Congratulations by the way), we will have to begin completing the buildings board package.
Please review the Process & Contract Milestone Chart

Step 7 – Getting to the Closing Table!
Needless to say, getting to the closing table is the primary goal! Like a well-orchestrated symphony, your team should all work together to have a smooth and successful closing. Your Broker, mortgage company, attorney/title agency, and you are all working together! There are many tasks to accomplish, and working with a great team will ensure your success.

CONTINUE READING… How Much Can I Afford

Contact Joseph R DeLorenzo – jdelorenzo@townrealestate.com or 646-244-8555

The Skyline is Changing Again

220_exterior.jpgCurbed.com came out with some great coverage on the ever-changing skyline!

The Extell-Vornado catfight over 220 Central Park South finally ended last year, paving the way for Vornano’s long-talked about plan to tear down the structure and erect condos in its place—and oh, what condos they will be. An angel tipster spotted renderings and a detailed video of the future Robert A.M. Stern More

Outside its Cold (-5°); at least the Market is Hot. Q4 Report came out today

Q4 Report thumbnail.2Today it was -5°, with the wind factor in NYC; but at least the NYC Real Estate Market is Hot. Again, my apologies for such a cheesy headline, but how could I resist?

Regardless, our Q4 New York City Real Estate Market Report just came out, and here are the key takeaways:

  • Low inventory: available residences in Manhattan decreased in number for the twelfth straight quarter (three years).
  • Demand is aggressive and on the rise: more contracts are being executed now than at the same time a year ago, a trend that has been ongoing for eight quarters (two years).
  • Short supply and high demand meant higher prices: the price per square foot in Manhattan reached $1197, a five-year high (just 5% off the all-time high of $1261 in Q2 08)
  • New development sales are pumping up luxury sales and resulting in dramatic price gains at the high end.

Q2 Corcoran Report

Q2 2013 Market Report schreenshot

Q2 Corcoran Market Report just came out and the key findings are:

1. Market activity continues at six-year high.  More closings and signed contracts took place than in any other quarter since 2007.

2.Inventory continues to decline.  There have been nine consecutive quarters of diminishing inventory – a 52% drop since the Q1 09 peak.

3. Prices increased by 5% (ppsf) over a year ago, thanks largely to increasing value in the condominium market.

 

FULL REPORT HERE

 

My recent Loft Sale with Tin Ceilings Featured on CNN Gallery

middletonMy recent Loft Sale at 108 Reade Street in Tribeca was featured on a CNN Gallery highlighting home decor. The Blue Tin Ceilings were some of the most unique I have seen!

READ THE FULL STORY HERE…

If you forget your keys, now you can simply go to 7-11 and have a digital copy made!

Can’t wait to see these start sprouting up… What a crazy idea and what will they think of next! – JD

In olden times, people actually knew their neighbors, interacted with them on a regular basis, and stored spare keys with them. This never happens anymore now that human relationships are passé. Which is why, starting this week, KeyMe kiosks — which keep a digital file of your key and can cut you a new one when you get locked out — will begin popping up at 7-Elevens around Manhattan.

READ FULL STORY HERE…