With New York City property inventory low and competition to buy sky high it's important to get a leg up on the competition right from the start. NY1's Jill Urban filed the following report.
Most buyers these days will tell you that as soon as a new place hits the market, the competition gets fierce quickly. Well, that’s why some buyers are finding creative ways to look for homes before they come to market.
"It’s a sellers market and one constant is buyers are frustrated by the lack of inventory. There is definitely a lot more buyers than there are homes to sell and buyers have to be creative and outsmart their competition," says Christopher Kromer of Halstead Property.
Kromer says now buyers really need to be more proactive in their search and sometimes search for sellers who may not be ready to sell. And the best way to do that is let everyone know you ere looking.
"Every person can be a potential lead. And be your own advocate and be aggressive: Social media, make sure everybody knows you are out there looking for an apartment,' suggests Kromer.
If you need more space, consider approaching neighbors to see if they might be willing to sell so you can expand. It can’t hurt to ask.
Also, doormen are the gatekeepers of information. If you want to stay in your building, let the doorman know you are looking because he or she may know someone thinking of selling.
And try to find off market listings.
"Have your broker reach out to colleagues to see if there are any off market listings. An example of that would be an apartment that was temporarily taken off the market for summer with plans to bring it back to market in the fall. This is a great way to put a preemptive offer in before it goes back on," says Kromer.
Also, ask your broker to send out a letter blast to owners in the buildings and lines you like to let them know you are interested. You never know who may respond.
And you may want to rethink your search strategy.
"Another creative way is looking at your search as a puzzle and putting the pieces together," adds Kromer. "If you are a two bedroom buyer, maybe explore a one bedroom that is surrounded by studios. Approach the studio owners, see what their willingness is to sell it down the road and then you can combine apartments, you never know who's gonna bite."
So, if you’re a frustrated buyer, don’t be afraid to be aggressive to stay one step ahead of your competition.