Buying Properties Archives

There is little advantage to not having a buyer’s agent in NYC. Sellers in NYC typically do not pay any less in total commission if a buyer is unrepresented.

Is There an Advantage to Not Having a Buyer’s Agent in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / September 21, 2021

There is little advantage to not having a buyer’s agent in NYC. This is primarily because sellers pay 100% of all commissions in NYC, and sellers typically agree to pay a fixed total commission regardless of whether or not the [...]

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The typical broker fee in New York City ranges from one month (equivalent to 8.33% of annual rent) up to 15% of annual rent. Broker fees vary by listing.

What Is the Average Rental Broker Fee in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / June 28, 2021

Rental broker fees in NYC are notoriously high. The typical broker fee in New York City is anywhere from one month (equivalent to 8.33% of annual rent) up to 15% of the annual rent. The amount of the rental broker

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How much money you need to buy an apartment in NYC depends on whether you’re buying a condo or co-op, the amount of your down payment and whether you’re financing the purchase.

How Much Money Do I Need to Buy an Apartment in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 29, 2020

You need to have 22% to 26% of the purchase price saved for a condo and 21% to 22% of the purchase price saved for a co-op (assuming 20% down) to buy an apartment in NYC. These figures exclude mortgage

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The average down payment for an apartment in NYC is 20% of the purchase price. Most co-ops and some condo buildings in New York City have minimum down payment requirements for buyers.

What Is the Average Down Payment for an Apartment in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / January 29, 2020

The average down payment for an apartment in NYC is 20% of the purchase price. While it’s possible to put down 10% or less on many condos in the city, most co-op apartments have stricter financial requirements which require a

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How to Make an Offer on a Condo in NYC

By Sonja Gosine, Spokesperson at Hauseit® / January 29, 2020

Knowing how to make an offer on a condo in NYC is something you should learn well in advance of finding your dream apartment. Preparing your condo offer documents at the beginning of the search can put you in an

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REBNY Financial Statement Template

By Sonja Gosine, Spokesperson at Hauseit® / January 24, 2020

The REBNY Financial Statement is almost always required when submitting an offer on a co-op apartment in NYC. The REBNY Financial Statement is a high-level summary of your assets, liabilities, income and projected expenses. Submitting a REBNY Financial Statement along

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The Housing Stability and Tenant Protection Act of 2019 restricts apartment deregulation in NYC and strengthens tenant protections for rent-stabilized and market rentals.

Changes to NYC Rent Laws for 2019

By Sonja Gosine, Spokesperson at Hauseit® / September 3, 2019

A number of new rent laws and regulations recently took effect in NYC following the passage of the Housing Stability and Tenant Protection Act of 2019 by the New York State Legislature. Changes were made to rent stabilization laws, real

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What is the financing contingency in NYC real estate? What does a financing contingency clause look like? Financing and funding contingencies, explained.

The Financing Contingency in NYC Explained

By Sonja Gosine, Spokesperson at Hauseit® / August 29, 2019

The financing contingency is often misunderstood when it comes to NYC real estate deals. The financing contingency is actually a rather broad term for a contract contingency that can include many negotiable parts, such as an appraisal contingency or minimum

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Real estate agents are not obsolete in NYC. Over 95% of sellers and 75% of buyers use brokers in NYC, and commissions remain stubbornly fixed at 5% to 6%.

Are Real Estate Agents Obsolete in NYC?

By Sonja Gosine, Spokesperson at Hauseit® / August 27, 2019

Real estate agents in NYC still represent over 95% of sellers and over 75% of buyers as of today despite major advances in technology and information accessibility for consumers. Furthermore, real estate commissions in NYC remain stubbornly fixed at 5%

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Low rental yields, new rent regulations and difficult tenants are just some of the reasons why buying a multi family home in NYC is a bad investment.

Why Buying a Multi Family Home in NYC Is a Bad Investment

By Sonja Gosine, Spokesperson at Hauseit® / July 23, 2019

Buying a multi family home in NYC is a bad investment because rental yields are extremely low, opportunity costs are high, dealing with bad tenants is mind-numbing, evictions are impossible, local rent laws are stifling and labor and maintenance costs

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