Notes From My Buyers
October 6th, 2023
As Q3 2023 ends, it’s apparent that mortgage interest rates will stay higher longer than was expected. Nonetheless, the autumn real estate season is gaining momentum, and buyers are returning to the marketplace — some enthusiastically and others with a bit of lingering trepidation and caution. Over the course of my four-decade tenure selling luxury real estate, I have been fortunate to forge close alliances with scores of discerning buyers.
This quarter, I’ll be sharing a comprehensive Buyer's Guide to help future homebuyers confidently navigate New York City’s complex real estate terrain. Recently, I asked some repeat clients to reflect on their buying journey challenges. With gratitude and some shameless self-promotion, I present six selected voices in their own words, offering valuable insights into their individual experiences.
1. Honing Your “Must-Haves”
“Shirley is a really good listener. She was able to get to the heart of our needs even before we were able to articulate them by asking the right questions.”
“I hadn’t realized how important light was in our living space, but Shirley had sold our Central Park West apartment which had been flooded with sunshine, and she knew intuitively that we would never give that up. She also helped us to acknowledge that we were committed westsiders. I’m happy to say I never experienced “buyer’s remorse” because of the very careful way she helped us discover the ‘must-haves’ of our search. When we were selling recently, her patience was impressive, especially since I was getting restless as I had a timetable to meet with my next move. Shirley’s assertive approach was reassuring, and we achieved the price we wanted by waiting out a down cycle.” Allan F.
“I think you have to look at a lot of apartments in your price range to understand the different trade offs--smaller vs larger or move-in ready vs needing work. What we could afford just didn’t match our expectations.”
“I would caution buyers from investing in properties that they imagine are going to be what they want only after fairly extensive renovations. I am still grateful for how many apartments Shirley was willing to visit with me, and was impressed with the depth of her knowledge about each building and the quirks of each board. She was very straightforward about likely acceptable offers. My best advice to buyers is if you can’t find anything that feels right, wait. You are locked into most decisions for multiple years, and where you live matters.” Patricia C.
2. Preparing for the Co-op Board
“I was surprised by the complexity of the financials they wanted which seemed unnecessary since we were paying all cash.”
“The main thing that will surprise people, especially if they are from out of town, is that the co-op model of ownership is not common outside of New York City. We were a little apprehensive about the board interview, but it was really no big deal. We took Shirley’s advice and were mild-mannered, friendly, and didn't announce any big renovation plans.” Jim H.
“Because of her expert input, our package was really well put together. I served as a board member for our co-op for many years, and the things that matter most in reviewing an application are the credit scores, the employment histories and the attraction the buyer feels to the building.” Patricia C.
3. Get Your Ducks in Order
“Be honest with yourself about budget. Stay in your lane, and don’t look at properties outside your reach, unless you have a comfort level to stretch beyond your initial plan.”
“Examine your immediate acquisition costs and also consider that maintenance expenses will increase. Make sure your attorney completes due diligence thoroughly, by not only reading the board’s minutes but also determining the pattern and history of the property’s maintenance and any assessments, and whether the reserve fund is adequate for pending and future capital improvement projects. You definitely need a professional to help you to make informed decisions.” Dee S.
4. Negotiating Expertise and Communication Skills are Key
“Shirley was able to advise me about when to speed up negotiations and when to slow down, and how I might engage the other side personally as a way to ease the tension of the process.”
“Beyond Shirley’s ability to navigate the market and sales process, I want to emphasize her exceptional communication skills. She is very direct, never obfuscates or exaggerates, and responds very quickly to questions and other communiques. Her communication skills extend to reading and understanding others, which was quite helpful during the negotiation process. I have no doubt that she was able to understand my personal preferences as well, ensuring that I would have no regrets afterwards.” Bill D.
“The process of home buying in New York City can be tricky, so it’s important to have the right people in your corner.”
“We would not have considered 30 West 60th were it not for Shirley’s direction. She understands her clients needs and doesn’t waste time visiting homes that just don’t make sense. We never experienced ‘buyer’s remorse’ as we loved both homes she helped us buy. When we were selling, we greatly appreciated her skills as a seasoned negotiator. She always put us in a great place to accept the best offer and candidate, guiding us in the right direction which didn’t necessarily mean accepting the highest offer, but the best candidate who would get approved by the board.” Brian Z.
Why is a Buyer’s Agent important? What are the steps in the home buying process? Look for my Buyers Guide later this quarter. If you’ve purchased recently, your specific advice to newbie buyers is welcome. Let’s connect!