9 Mistakes Townhouse Buyers Make: #7

Here’s wishing you and yours a Happy Valentine’s Day!

Also, we’d like to offer you another tip in our series to help our buyers avoid the 9 Common Mistakes Buyers Make:

Mistake #7: Employing an improper bidding strategy.

You must know the market value. Manhattan townhouses could be priced far above the market or below the market. Since there is always a shortage of product when it comes to NYC brownstones, sellers can fluctuate wildly in their asking prices. And sometimes their listing agent may not have the expertise to guide them properly.

As Chairman of the Admissions Committee of The Real Estate Board of New York (currently over 11,000 members), I can say from first-hand experience that NYC brokers continue to work together to create rules of conduct that better serve the consumers. However, when it comes to properly pricing a New York City brownstone, all brokers are not equal to the task, and so it is understandable that many buyers feel the need to outsmart or second-guess their own broker. Perhaps most buyers need to lose out on the bidding for two or three NY townhouses before they are successful, but it’s nerve-wracking and causes many a family dispute. Imagine yourself instead, armed with the knowledge of the real value of the townhouse, your financial capabilities, and a sense of the competition (information that a top broker should be able to ascertain). Visualize bidding the correct price to conclude the negotiations in one day for an underpriced listing or a much longer period for one that is priced far above the market.

Need Solutions? Want your townhouse purchase to run smoothly? Call Cathy anytime at (212) 769-2900 or email her at cathy@townhouseexperts.com.

Next up in this series: Mistake #8: Being surprised by closing costs.

Are you interested in buying a Luxury Townhouse? For more information on NY townhouses and New York City Brownstones for sale , contact Vandenberg — The Townhouse Experts TM. We specialize in townhouse realty.