Looking at the market for home sales can feel daunting. Are you wondering if you have the right "secret sauce" in making a decision. How will this neighborhood likely change over time? Will there be additional commute options coming up? What are the status of schools in the area? Will you be able to capture your dollars on the end game when you sell? "What ifs" are largely an exercise in mind-games.
So are there any tried and true ways to determine if you are getting a good deal?
The good news is that Yes, there are indicators that can bring peace of mind to a buyer who is looking to purchase in an area in the Metro New York area that has not reached it's prime.
Knowing about the neighborhood is paramount. What’s in walking distance? One of the key components you want to look at are the auxiliary services around the property, be it condo, coop or multifamily, or single family house. Things like the proximity to the subway, or where the closest nail salon or dry cleaners is located, where are the grocery stores, and is there a coffee house or deli that you like close by, and so on. Your retail landscape and transportation options are what make up a neighborhood whether it is Williamsburg or in East Flatbush, there are niches of neighborhood throughout the Brooklyn market.
I like to drive through the streets and jot down areas that appeal to my sights and sounds monitor. Are there trees? landscaped yards? Do homes appear to be taken care of? Is the street free from litter and junk? Do buildings look maintained? Are there a variety of restaurants close by?
For my family, we looked to see if there was within a 8-10 walk or a bus connection to a subway; we had to have our New York Pizza, Chinese restaurant, diner/deli, coffee stop, and grocery store nearby. If a Donut shop was in the area, that was also a bonus for us. Our neighborhood became our "city" because if it was inside our walk zone that was where we were going to spend our after work time.
So if you are looking in a new neighborhood, imagine yourself taking the commute and walking home. Are there places to stop and grab dinner if you desire, grab some groceries, run an errand, pick up dry cleaning, get your nails done? If you can see yourself living in the area, then it is a good deal if you can afford to live there.
Secondly, consider the past sales in the area comparative to the current for sale list prices. What is the percentage of difference in sales over a 30 day period, a 90 days period, a one year period? Do you see trends? Price points that rise and fall, but relatively are on an upward long term climb are showing the deals are still happening and value is still appreciating.
Thirdly, consider things like schools, churches, social activities, parks, and distances to major things like airports, highways, stadiums, etc. What are your weekend activities? Do you go to the beach, go camping, go hiking? go to the city? go to ball parks? Those activities and how to get there are also important to consider when looking at places to purchase you are not familiar with.
Another thing I like to use are transportation apps, check out where all the bus stops are relative to the home. I like using a bus to get to a subway station. If it is raining or snowing I would rather ride than walk, but that is just me. I also go onto ride apps, like Uber or Lyft and see how many cars are available in the area. If I see lots of car icons, that is reassuring that if I don't want to drive, I can use alternate transportation. I have a car, once I had two cars in New York, so parking can be an issue. It is worth it to me to pay a little more if I have my own dedicated parking spot. Covered so I don't have to shovel snow is also a plus. What are the offside parking days and times? How will that impact my daily life? I'd rather have an early time to move my car so it doesn't mess up my commute to work if I have to move the car that day, you may prefer later times. Is it once a week or twice a week? We lived in a neighborhood in Astoria that had no offside parking, thus we could deal with two cars in the city. The apartment was cramped and tiny for our family, but the bonus of not having to move two cars and not getting towed for parking tickets was worth $1000s to us.
At the end of the day, living in New York is about your apartment, or house space. Do you like how it feels when you are home? Consider that your home is your bedroom, your security, your nesting place: the city is your living room, it is where you go to hang out, experience events and people. If you are one who is always on the move, then being close to transportation, and smaller space for higher dollars would be a trade off you could justify. Ask yourself this question when looking at houses, "When I sell this place what are the odds that some like-minded person as myself will see the same value here that I do?" Chances are you aren't the only person who will love the place as well.
The biggest chance you take is how the area will change or appreciate in value.
One way to determine a trend is to look for new awnings on store fronts... new businesses opening, renovations happening on close by properties... retail that is for rent.... means higher paying tenants are coming to occupy that space. Look for beautification projects, look for neighborhood gardens where the area is well cared for... look for outside seating by restaurants. These are all clues that people and businesses are investing in an area; and it is a good sign that you are probably safe to invest in it as well.
Lastly, knowing when you have found a good deal is where having a real estate professional as your trusted advocate comes in. They have access to the records and sales information you need to make informed decisions. Partnering up with a real estate professional is always the "secret sauce" in finding a great deal in the New York City market.
