Jamella Swift's passion for NYC is rivaled only by her passion for serving people. She gets very excited when finding the right fit for her customers. As a homeowner herself, Jamella knows first-hand that the home buying process can be daunting, therefore she always strives to provide superior customer service. As an agent with expertise in Brooklyn, here are her Top tips for what to know When Buying in one of New York City's most desirable boroughs:
Have your ammunition loaded.
We are in a seller's market so all of your ducks must be in order. Have your pre-approval letter in hand and your real estate attorney on stand-by. When you find the home of your dreams, if you have to stop to get a pre-approval letter or hire an attorney, another buyer will swoop in and take your property.
You must be mentally ready to enter a bidding war. Properties that are priced well are not staying on the market for long. Once a property goes on the market, do your due diligence on the building, floor plans, neighborhood and local amenities PRIOR to attending the first open house. If you are working with an agent, strategize on what you're going to offer initially and what is your best and final offer, PRIOR to viewing the property. OR maybe use a strategy that will have you coming out of the gate swinging hard. Your first offer may blow all of the rest out of the water. Either way, strategize!!
Be like water.
Water flows and is flexible. Yes, you should have your wish list for sure. However, you should prioritize your "must haves" versus your "would like to haves", then consider what you are willing to give up. If you absolutely MUST live on South Portland Avenue, you have to be flexible with your timeline, because everyone wants to live on South Portland Ave. If you would like to live on South Portland Ave. but are open to other streets or neighborhoods, you are better off. The last thing you want to do is start a career in searching for real estate, because you absolutely MUST have a house with an elevator and a pool in it (but you have a $700K budget).
Remember the 80/20 rule.
Real estate is like dating, if it has 80% of what is on your wish list, go for it! Pull the trigger on that property.
– Great closet space – check
– Lots of light – check
– Neighborhood of choice – check
– Within my budget? – check
– Renovated – nope, needs work.
Ok, so your dream home needs a new kitchen and updated bath. Should you go for it? ABSOLUTELY!!! You can renovate the kitchen and bath to your liking, which is even better for you. Ultimately, you will increase the value of the property.
The house or apartment of your dreams is coming. Don't get too bummed out about losing a bidding war. Something better is on its way.
When I was searching for a house, my agent found a house that had EVERYTHING that I wanted. I fell in love with that house. Well, that dream quickly turned into a nightmare when the seller decided to accept another offer. I was heartbroken but had to move on.
Months later, my agent found another house that turned out to be my one true love. It had everything that I wanted and more. The bonus was that it was closer to the train, an express stop on the A line – JACKPOT!!, while the first house was actually quite far from a local stop on the C line. 15 years later, I'm still in my dream home and love it even more than the first time I laid eyes on it. It all worked out in the long run.