10 Real Estate Questions We Get Asked Every Week in NYC
You'd be surprised how often the same questions come up. Buyers, sellers, first-timers, people who've done this three times before, they're all wondering about the same handful of things. So instead of answering them one text at a time, here they are in one place.
1. Should I Sell Before I Buy, or Buy Before I Sell?
Sell first, unless you can comfortably carry two mortgages at once. Contingent offers ("I'll buy once my place sells") are weak leverage in NYC. Most sellers won't accept one when they have other options. If your finances allow it, sell, rent short-term if you need to, then buy from a position of strength instead of pressure.
2. How Do I Find Out What My Home Is Actually Worth?
Not Zillow. A real comparative market analysis (CMA) pulls closed comps, not asking prices, from the last 90 days in your exact micro-market. It's adjusted for line, floor, outdoor space, and the building's financial health. Two apartments in the same building can differ in value by 15% based on maintenance costs and reserve fund strength alone.
3. Is It Better to Buy or Rent in NYC Right Now?
It depends on your time horizon, not the headlines. Under three years, renting almost always wins once you account for closing costs and co-op fees. Past five to seven years, buying usually builds more equity than renting and investing the difference would. The breakeven math is personal. It's not a citywide answer.
4. What's the Difference Between a Co-op and a Condo?
With a co-op, you own shares in a corporation, not real property. Expect board approval, stricter financial requirements, and usually a lower price per square foot. With a condo, you own real property outright. The board has right of first refusal but rarely blocks a sale, which makes condos more flexible for pied-à-terres, foreign buyers, and subletting.
5. How Much Do I Actually Need for Closing Costs in NYC?
Buyers should budget 2 to 4% of the purchase price for condos, and 1 to 3% for co-ops (no mortgage tax if you're paying cash for a co-op). Sellers should plan for 8 to 10% total once broker fees, transfer taxes, and attorney costs are added up. Most first-timers underestimate this by half.
6. How Long Does Closing Actually Take in NYC?
Condos typically take 60 to 90 days, with board approval and financing adding time. Co-ops run 60 to 120 days, since the board package and interview add real friction. All-cash co-op deals can close in as little as 30 to 45 days.
7. What's a Board Package, and Why Does It Take So Long?
It's essentially a financial audit of you, submitted to a volunteer board that meets on its own schedule. Bank statements, tax returns, reference letters, and a debt-to-income ratio that's often stricter than your mortgage lender's. Boards can reject buyers without giving a reason.
8. Do I Need a Real Estate Attorney in NYC?
Yes. It's not optional here the way it is in most states. NYC deals close through attorneys, not escrow companies. Your attorney reviews the contract, negotiates terms, and represents you at closing. Budget $2,500 to $5,000 depending on how complex the deal is.
9. Are Maintenance and Common Charges Negotiable?
No, they're set by the building's budget and your share of common interest. But they're not just a monthly number. They're a signal of the building's financial health. High maintenance paired with low reserves is worth digging into before you fall for the apartment.
10. Is Now a Good Time to Buy in NYC?
That's the wrong question. The right one is whether now is a good time for you, given your timeline, financing, and life plans. Rate timing and market timing are largely unpredictable, even for professionals. Waiting for a "better time" has cost more buyers equity than it's ever saved them.
Have a Question That's Not Here?
This list covers what comes up most, but every deal is different. If you're weighing a decision that isn't as simple as the answers above, [reach out to The Brewer Team] and we'll walk through your specific numbers, timeline, and options.
