Whether it’s your first time buying a home in Brooklyn or you’re searching for a new place within the borough, you’ve probably noticed how unique the NYC real estate market is. Though it might seem overwhelming to buy in brownstone Brooklyn, a skilled agent can help you navigate the process with minimal anxiety.
The right Brooklyn real estate agent will set realistic expectations for you, advise you on what to do before shopping around and answer all your questions, while helping you find your dream home. They can also recommend a trusted mortgage broker, real estate attorney, home inspector, and mover, among other service professionals.
Best of all? It’s generally a free service for buyers.
Here are six ways buyers can benefit from hiring a Brooklyn real estate agent.
Do you know the first things you need to do when looking for a Brooklyn home? A real estate agent will talk to you about how to secure a formal pre-approval letter from a mortgage banker, let you know how much you need for a down payment, discuss your dream home desires and must-haves, and advise you on how realistic your wish list is within various neighborhoods. Sure, you could try researching all of this on your own but with a professional agent’s counsel, you’ll not only save lots of time but also ensure you’re receiving the most accurate information.
Experienced Brooklyn real estate agents have spent years forging relationships that can benefit you, whether it’s a connection to listing agents of properties you’re interested in pursuing or being able to link you to a deep pool of contacts, from tradespeople to other professionals. They know the local market shifts, specific considerations of each neighborhood, and can give you a clear picture of what you might find within your budget and desired location, and perhaps where else you should consider looking given your required parameters.
Are you considering buying a Brooklyn co-op? Even if you aren’t, chances are you might fall in love with one, as a majority of Brooklyn apartments fall under this category. So it helps to have a real estate agent by your side who can explain how co-op purchases differ from condos, cond-ops, single and multi-family townhouses, what it means to buy shares of the corporation that owns the building, how much average maintenance fees are comparatively and which factors contribute to these fees, and what it’s like to be screened by a co-op Board of Directors.
You could spend hours looking for Brooklyn homes online and strolling the neighborhood in search of for sale signs, or you could tell your real estate agent what you want and they can do it for you. Searching takes a lot of time, especially if you’re new to a neighborhood or to buying in general. A buyer’s agent will find prospective homes for you and provide insight on pricing, location and property details.
If you make an offer that is too low, you might turn off a seller, and if you make one that’s too high, you might lose money by paying too much. Brooklyn real estate agents are skilled in assessing a home’s value and your position in any given market. They can offer you a comprehensive comparative market analysis along with historical data to let you know whether a home is in fact worth its selling price, how much you might be able to save with your offer and how much you would likely spend on home updates given the property’s condition.
They will know the right questions to ask to position your bid in the best possible light, which can be nuanced depending on the type of market you’re bidding in. If it’s a buyer’s market, you will have the upper hand to negotiate certain terms in your favor. If it’s a competitive seller’s market, they can help make your offer stand out above the pack. And, if it’s a market in flux or transition, they can help navigate your offer specific to each property you bid on. Without an agent advocating in your best interest, it’s often hard to know whether a home is priced correctly or whether you might miss a red flag that a seasoned agent would pick up on immediately (and that you can potentially point out to the seller for a price concession).
Are you a strong real estate negotiator? Are you able to speak about a home’s value with confidence and get a sale’s agent to see your point of view on why a lower price is warranted? Do you know the details of each closing cost, along with which ones are optional or where you could save some money? Even if you have a good handle on all of this, your Brooklyn real estate agent does this professionally and knows what it takes to win a negotiation—and if they’ve been in business for a while, they will have relationships with many of the sales agents and know how to speak to their different personalities. Most importantly, your agent will know what it’s like to be on the other side, so they have a unique, valuable perspective.
If you experience hiccups during the purchase process, a buyer’s agent can give you advice, help you stay calm and navigate issues to keep your deal on track. Even after you’ve closed, real estate agents like to stay in touch so if you have a question about your home or neighborhood after you’ve purchased, they’re happy to help.
Be sure to see our handy guide pages for more detailed information.
If you’re thinking of buying a home in Brooklyn, get to know our Park Slope-based real estate agents. And if you have any questions, are considering Brooklyn home rentals, want to know your options or you’re ready to start looking, do contact us today.