First-Time Buyers Struggle to Get a Home in NYC
Getting a home in NYC will not be easy especially for the first time buyers. It stands out that with the economic downturn, mortgages and other financial burdens are a challenge for first-time buyers to own a home in the Big Apple.
A past article by nyc.gov stated, "Many New Yorkers want to purchase a home but has difficulty saving enough money to make the down payment." This clearly indicated how difficult it is for everyone residing in NYC to purchase or get a home.
For first time buyers, buying a house in New York City is a daunting task. The median price, for a Manhattan apartment recently reached nearly $1 million. Major brokerage firms place the price of $999,000 and $998,000 respectively as sums that would buy a mansion in other parts of the country, wrote The New York Times.
The post further noted, "The competition is fierce, and bidding wars are practically the norm for anything that is halfway decent and not to mention the level of scrutiny buyers must endure if they want to live in one of the city's co-op apartments, which make up roughly 75 percent of Manhattan's non-rental housing stock."
There are various factors and elements that make it difficult for first-time buyers to own a home in NYC. For instance, the price is the main denominator, followed by mortgage rates, taxes and winning the bids.
To gain an upper hand, first-time buyers must save enough resources and have a financial back-up plan before venturing into purchasing their home. Furthermore, it is also essential that first-time buyers clean their credit scores since getting a loan are a part of the process to pay the financial burden of owning a home.
Furthermore, with a clean credit score and enough resources, getting pre-approval is also significant to deal with the hurdles in buying the first home. In NYC, first-time buyers will always struggle if they do not prepare well in terms of their finances, resources and mortgage applications.