The Process of Buying A Condo in NYC 

Who typically has the best mortgage rates? This is the question most potential homebuyers ask, regardless of whether they are in NYC or any other city. Based on the latest rates for New York, the lowest mortgage rates are offered by Farmers Bank of Kansas City. However, lower doesn’t always mean the best.

What is the best bank to get a mortgage? The answer depends upon several factors, and where you are buying is one of them. NYC is home to some of the largest banks in the world, and potential buyers may have more options to choose from here. However, too many choices can make the process of choosing the best difficult.

Do you need a broker to buy an apartment in NYC? Legally, no. You are perfectly within your rights to look for, negotiate, and close an apartment on your own. However, whether it’s smarter to work with a New York City broker or do it on your own is a different question. 

The mortgage rates in NYC (at the time of writing this) are hovering between 6.25% and 6.8% for 30-year fixed-rate mortgages. However, the answer is, what is today’s mortgage rate in NYC? Keeps on changing, often daily. So, the best place to get this answer is local, NYC-based sources or other aggregate sources that offer this information for multiple cities. 

Over 69% of the condos in Manhattan closed for more than $1 million in October 2024. So, in a way, most millionaire condo owners are technically millionaires and are spread out over the city. But if you set a higher bar (multi-millionaires) and wonder where do the millionaires live in NYC? we can narrow down the selections. It’s worth noting that New York has one of the highest concentrations of millionaires in the world, with about 349,500 millionaires (one in every 24 people in the city), and 744 of them are cent millionaires, with a net worth of over $100 million.

Are NYC real estate prices dropping? Many potential buyers repeatedly ask this question to find the best time to enter the market. As per the NYC Comptroller report, median home values in the city were falling at the beginning of the year. However, if we look at the “All-Transactions House Price Index for New York,” it has risen for both the first and second quarter of 2024, and the upward momentum is not waning, which indicates that the prices are still going up. However, another report suggests that the median asking price has remained steady between April and September (at $1,1 million).

If you ask your New York City broker, “Where is the most desirable place to live in Manhattan?” they would ask a few questions to narrow down the neighborhood most desirable for you. These questions would start from your budget – how much rent or mortgage you can afford, what type of property and space you want, etc. However, several other factors apply to almost everyone who lives and wants to live in Manhattan, like green spaces, the environment, activities, easy commute, etc.

Getting approved as a buyer is mainly a co-op problem. If you are buying a condo, the board does have some power to reject you through the “right of first refusal,” but this rarely happens. However, the co-op board approval process can be quite hard when buying a co-op apartment. You need stellar financials, a solid application, a good board interview, and multiple reference letters. Even then, it’s usually a good idea to work with a New York City broker who works with that co-op and knows the board’s process and preferences to make approval easier.