Each year thousands of newly graduated students flock their way to NYC to try their luck and start their careers. At first almost everyone assume that there is a New York City apartments Rental waiting just for them.

First surprise they will encounter is probably the price for their dream…

The average monthly rent for a studio apartment in Manhattan Village, which considered being the majority of new comer’s favorite place of living, is just over 2000 and if you want amenities such as doorman, it can get to a minimum of 5000.

Most of the NYC newly Renters unwillingly need to come up with a higher budget then they first thought of, but for those people, there is another “surprise”:

Manhattan apartments for rent in can be very small, small by any measures. It is quite common for a graduate student, first time renter in NYC, to buy a one person bed considering the space limit in such a small apartment.

In addition to the two realities mentioned above there is another difficulty, very common in New York City apartments: property-owner requirements. Due to the fact that at any season, NYC apartments landlords are flooded with submission for their NYC rentals, one of the outcomes is that they set “key” money:

One of  landlords financial requirements is that they want no less than tenants whom receive at least 30 times the average monthly rent (2500$ ). This means that most of those “first time NYC renters” can’t pay the renting fee because the average graduated student’s annual salary is approximately 35,000$ – 40,000$ therefore a 2500$ per apartment means 75,000$ annually. The one that can’t afford it must use the help of guarantor, typically a relative.

If we take all three difficulties presented above, some landlords ask for safety deposit and first – last month’s rent. A forthcoming first rent can go high as 10,000$ .

The solution:

The answer in searching for your first NYC apartment rental is to gain as much knowledge as you can get over NYC property listing beforehand and keep an open mind. NYC Renters that go with “blinders” often grow high standards they can’t pay for. If you keep that in mind, it will make your NYC apartment rentals search much easier.

These are the frequently requirements that many land lords requests from renters in NYC:

Contact information for prior landlords. Tax returns for at least two years. Current bank statements. Verification of other incomes, like profits from stocks, real estate or trust resources. Personal reference letters. Business reference letters.

Resources:

Some real estate firms provide better and easier solution, one of them is “ROYALTON REALTY GROUP”.  One of this real estate company’s targets is to make the search experience as effortless and simple as possible. They even provide NO FEE listings among other amenities for your New York City apartment Rentals.

Another professional company is “BEST APTS” real estate agency. One of this agency’s key benefits is the dedication of their NYC real estate agents, once they establish costumer – mediator friend like bond, their goal will be your goal and they pursuit it till your aim accomplished.

The last Agency that I’m going to advise you with is “Manhattan connection”, one of  the top Manhattan Real Estate agencies. This professional business was established 15 years ago. Their reputation earns elevated opinion of both clients and reputable leader real estate agencies in NYC. One of many services they provide, in their client oriented site, is the option to refine your results with variety filters such as No fee rentals, sublet and condo/coop sales check boxes.

One way or another, if you are planning on renting an apartment in New York City for the first time, make sure you remember the guidelines mentioned above, use the best NYC apartment’s listings resources and try to have fun while searching for your special NYC apartment.

Tags: Apartment, First, Renting

This entry was posted on Friday, February 4th, 2011 at 10:33 pm and is filed under Apartment Rental. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

This Week’s Homework

by Chris on Feb 4th, 2011
in Tags: Best real estate blog posts, real estate technology, social media for Realtors, Tech Savvy Agent
Posted in Social Media, Text

First time home buyers risk the highest percentage of their assets in the typical purchase. Yet, they know the least about the whole process. If this is you, read on.

Buying your first home can seem daunting at first. After all, you are most likely putting down almost all your savings as down payment and also trying to obtain a very large sized loan to boot. I know that being in serious debt can seem frustrating, but home ownership can have its rewards too. The stability, the lack of land lord and the peace of mind can all benefit you and your family in the long run. If you are contemplating on such a large purchase, here are some timeless first time home buyer tips to help you get started.

Buy When It Makes Sense

With real estate, timing can make a big difference. Yet for most people, it’s not possible to pick the absolute bottom. Like any product where the price is affected by supply and demand, people who try to wait for the absolute bottom usually end up missing it until months (if not years) after. The better approach is to buy only when you can afford it, because you don’t need to worry about the market once you are moved in. If you are very sensitive to the numbers, work out whether it makes more sense to rent instead. It’s straight forward to figure out whether it would cost less to rent a property that you are planning to buy. So you can move wait until it makes more sense mathematically to own.

Get Pre-approved for a Loan Before You Start Looking for a House

During the boom years, you can get a loan for any house you possibly want. These days, the lending standards are much tougher. For first time home buyers, this is actually good because it will limit you on the houses that you can buy. If you are serious and motivated to find a home, first get pre-approved from a lender. Doing so will give you an exact theoretical maximum amount you can offer on a home, which will help you narrow down your home choice considerably (a very good thing actually as there are a too many choices out there).

Consider a Shorter Term Loan

You see 30 year fixed loans as the golden standard in mortgages, but there are actually other, shorter term loan options as well. While the payments are higher, the interest is almost always smaller too. Think carefully about what is affordable to you, but opting for a 30 year, higher fixed interest rate that’s higher than a 15 year and moving in a few years as most first time home buyers do is throwing money away.

Work Out the Numbers Yourself

Every lender will give you different options. Discount points, loan rates, credits towards closing etc will all factor into which option works best for you. Most people just make a decision on the spot, but it’s much better to take all the options and work out the numbers yourself. There are tons of mortgage calculators available online, so do your homework and make the choice that best make sense for your situation.

Figure Out Your Needs and Wants

Once you have an idea of how much house you can (or want to) afford, it’s time to look at the options available. Go to redfin.com  and search for a house that fits your criteria, and make a list of your preferences. Note that the perfect home may not be possible based on your income and down payment this time around, but don’t worry because life will be very boring if you can meet all your hopes and dreams early on in life!

Be Patient

One thing to remember during this whole process is to be patient. From picking a lender to making offers on homes, the patient customer always comes out ahead. Don’t let your emotions and laziness cost you there. Home buying is a major purchase. Take your time.

Get a Competent Agent

Especially for a first time buyer, the whole process is very overwhelming. A competent agent can help answer all your questions as well as guide you through the whole process and give you advice on prices and things to ask the sellers for. Don’t make the mistake and believe that you can pocket part of the buyer agent commissions by not having one, as one mistake can cost you much much more money.

In Fact, Every Transaction Should Have Two Agents

It’s perfectly legal to have one agent represent both the seller and the buyer, but it’s highly undesirable. A seller’s agent will make the case that since realtors are usually local, they will try to look after the buyer’s interest more so than the seller’s interest since they are moving away. Sure, this sounds logical, but how would the seller feel if he knows the agent is helping the buyer as well? Negotiations is a compromise between two parties, and a less than enthused seller benefits no one.

Read and Re-Read Every Single Document That Comes Your Way

Every time you are buying a house, you are helping provide a living for many, many families. Housing is a huge industry with many small related businesses behind each transaction with everyone wanting to sell you more products. Read every document carefully and make sure you know exactly what you are signing before you commit to something that you didn’t know about.

Ask Every Question You can Think of to Everybody Involved

In fact, have a notebook with you and write them all down so you do not forget. The mortgage agent, realtor, fire insurance company, escrow company, and everyone involved are all collecting a fee for a decision that you are making. Ask them lots of questions, and make sure you bounce the same question off multiple people to get a true gauge of the whole situation. The more you know, the less risk you are potentially taking.

Make a List of Everything You’ve Agreed To

Make sure that you get everything in writing. If someone promised you something, ask that person to email it to you so it’s on record. Also, there are many things you will be signing in the whole home buying process. Make sure you keep a list so you know everything you’ve signed up for. One product the mortgage company will likely sell you is an insurance policy in case you lose your job. They will give it to you free for the first year, but unless you want pay for it to give yourself the peace of mind, remember to cancel this service before they start charging you for it.

Don’t be Afraid to Ask for What’s Fair

You may love a particular home, but don’t be afraid to negotiate. Chances are good that the agents, as well as the sellers will work something out to accommodate your needs. If it’s a legitimate request, remember to ask.

But Before You Ask

Always seek the advice of the agent before you tell them what you’d like to ask for. Most of the time, the agent will suggest requesting for things that you haven’t thought of. But if you tell them what you’d like first, it’s less likely that they will provide additional opinion. The other benefit is that her delivery in the negotiations will be much smoother since the request list was the agent’s idea in the first place, and requests will more likely be met.

Full Story

Armonk NY Homes

Armonk Luxury Homes

01/23/2011

North Salem NY Real Estate Report | RobReportBlog | Sales Down 36% in 4th Qtr.

North Salem NY Homes Report  |   RobReportBlog  |   Sales Down 365 In 4th Quarter

 

North Salem NY real estate dropped 36% in the 4th quarter of 2010 compared to the same period in 2009.  Sales dropped from 11 sales in 2009 to 7 sales in 2010.

The median price of a sold home in North Salem NY dropped 27% to $465,000 in 2010.  The median price of a sold home in the 2009 4th quarter was $637,500.

 

2010 4th Qtr. Sales Numbers

7   homes sold

$3,400,000  high price

$215,000  low price

$465,000  median price

2378   average square feet

$350  average price per foot

291  average days on market

81.36%  average sold to ask

 

2009 4th Qtr. Sales Numbers

11   homes sold

$1,750,000  high price

$335,000  low price

$637,500  median price

2865  average square feet

$243  average price per foot

217  average days on market

91.63% average sold to ask

 

North Salem NY Homes

North Salem Luxury Homes

Jan 23, 2011 11:53:55 AM | Weblogs

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