Frequently Asked Questions

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New York City Real Estate

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How do I know the value of my home?

You can use our "What's Your Home Worth?" calculator on our website to get an initial estimate. For a more accurate valuation, we recommend a comparative market analysis (CMA) conducted by one of our experienced agents who will evaluate your property based on recent sales of similar homes in your area, current market conditions, and the unique features of your property. For the most official valuation, you can also get a professional appraisal.

What is the process of buying a home?

The home buying process typically involves several key steps:

  1. Get pre-approved for a mortgage to understand your budget
  2. Work with an agent to identify properties that meet your needs
  3. Tour homes and find your perfect match
  4. Make an offer and negotiate terms
  5. Complete a home inspection and review disclosures
  6. Secure final mortgage approval
  7. Complete a final walkthrough
  8. Close on your new home

Our team guides you through each step to ensure a smooth and successful purchase.

Can I get assistance with mortgage options?

Yes, we provide comprehensive assistance with mortgage options. We partner with trusted local and national lenders who offer competitive rates and a variety of loan programs. Our team can help you understand different mortgage types (conventional, FHA, VA, jumbo, etc.), compare interest rates and terms, and find the financing solution that best fits your financial situation. We also offer mortgage calculators on our website to help you estimate monthly payments and understand how different down payments and interest rates affect your purchasing power.

What areas do you serve?

East Coast Realty serves the entire New York City area, with particular focus on Queens, Brooklyn, and Manhattan. Our agents have extensive knowledge of the diverse neighborhoods throughout these boroughs, including their amenities, school districts, transportation options, and market trends. We also work with clients in surrounding areas including Long Island, Westchester County, and parts of New Jersey. Whether you're looking for a city apartment, a suburban home, or an investment property, our team can assist you anywhere in the greater metropolitan area.

How do I schedule a viewing?

Scheduling a viewing is simple! You can contact us through multiple channels:

  • Call our office directly at 718-271-2121
  • Email us at broker@eastcoastrealty.net
  • Use the contact form on our website
  • Click the "Schedule a Viewing" button on any property listing

We'll work with your schedule to find a convenient time for your viewing. For many properties, we can arrange same-day or next-day showings. We also offer virtual tours for clients who aren't able to visit in person.

How much is my home worth in today's market?

The value of your home in today's market depends on several factors including location, property size, condition, upgrades, comparable recent sales, and current market conditions. While online valuation tools can provide a rough estimate, they often don't account for the unique characteristics of your property. For an accurate assessment, we offer complimentary home value analyses conducted by our experienced agents who understand the nuances of New York City real estate. Contact us for a personalized evaluation that takes into account all the factors that impact your home's value.

What should I look for in an investment property?

When evaluating an investment property, consider these key factors:

  • Location: Areas with growing populations, job opportunities, and planned development typically offer better appreciation potential
  • Cash flow: Calculate potential rental income against all expenses to ensure positive monthly cash flow
  • Property condition: Factor in renovation and maintenance costs
  • Cap rate: The ratio of net operating income to property value helps compare investment opportunities
  • Future development: Research upcoming infrastructure improvements or neighborhood changes
  • Tenant demographics: Understand the rental market for the area and property type

Our investment specialists can help you analyze properties based on these criteria and develop a portfolio tailored to your financial goals.

What is a debt-to-income ratio and why is it important?

Your debt-to-income (DTI) ratio is the percentage of your monthly gross income that goes toward paying debts. Lenders use this ratio to evaluate your ability to manage monthly payments and repay the money you borrow. To calculate your DTI, add up all your monthly debt payments and divide by your gross monthly income.

Most lenders prefer a DTI ratio of 36% or less, with no more than 28% of that debt going toward your mortgage payment. A lower DTI ratio suggests that you have a good balance between debt and income and can comfortably take on a mortgage. You can use our DTI Calculator to determine your current ratio and see how different mortgage payments would affect it.

What are closing costs and who pays them?

Closing costs are the fees and expenses paid when completing a real estate transaction, typically ranging from 2-5% of the loan amount for buyers and 8-10% of the sale price for sellers in New York City. These costs can include:

For buyers:

  • Mortgage origination fees
  • Appraisal fees
  • Title search and insurance
  • Attorney fees
  • Recording fees
  • Prepaid items (property taxes, insurance, interest)

For sellers:

  • Real estate commission
  • Transfer taxes
  • Attorney fees
  • Outstanding liens or judgments
  • Potential condo/co-op flip taxes

Payment responsibility can sometimes be negotiated between buyers and sellers. Our team provides detailed estimates of closing costs early in the process so you'll know what to expect.

What's the difference between pre-qualification and pre-approval?

Pre-qualification is a quick, informal evaluation based on information you provide about your income, assets, and debts. It gives you a general idea of how much you might be able to borrow but carries little weight with sellers since the information isn't verified.

Pre-approval is a more formal process where a lender verifies your financial information (credit report, pay stubs, bank statements, tax returns) and commits to lending you a specific amount. A pre-approval letter significantly strengthens your offer when buying a home because it shows sellers you're serious and financially capable.

In New York City's competitive market, we strongly recommend getting pre-approved before starting your home search. It not only gives you a clear budget but also positions you to act quickly when you find the right property.

Home Value Estimator

Still Have Questions?

Our team of real estate experts is ready to provide personalized answers to all your questions. Contact us today for a consultation.

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