To buy a house in New York, first secure pre-approval for a mortgage from a lender, as this accelerates the process and strengthens offers. Work with a licensed real estate agent familiar with local markets, as they provide access to off-market properties and navigate co-op/condo regulations. Research neighborhoods using platforms like StreetEasy or Zillow, prioritizing factors like school districts and transportation. Submit competitive offers with proof of funds, especially in high-demand areas where properties sell quickly. Budget for a 20% down payment (or less with FHA loans) and closing costs (2-5% of the purchase price).

The steps above are critical due to New York’s competitive housing market and complex regulations. Pre-approval is essential because 72% of buyers in 2023 relied on pre-approval to secure loans, and lenders typically require a credit score of at least 620 (Federal Reserve, 2023). Real estate agents, who represent buyers in 85% of transactions (NAR, 2023), offer expertise on co-op board requirements, which can reject 30% of applicants (NYC Council, 2022). Off-market listings account for 40% of sales (StreetEasy, 2023), underscoring the need for agent networks. Offers above the asking price, averaging 17% over the list price in 2023 (NAR), are common due to low inventory (1.2 months’ supply in Q3 2023). Budgeting for 20% down aligns with FHA loan limits ($322,700 in NYC) and avoids PMI. Closing costs, averaging $15,000 in NYC (, 2023), often exceed expectations, necessitating escrow accounts. These factors collectively ensure efficient, compliant, and cost-effective purchases in a challenging market.