To purchase a home in New York City, first secure pre-approval for a mortgage from a lender. Next, hire a licensed real estate agent specializing in residential sales. Research neighborhoods based on budget, commute, and amenities. View properties, compare prices, and negotiate offers. For co-ops, submit an application to the board, which may require financial documentation and interviews. Finally, close the transaction with a title company, paying taxes, fees, and insurance.

Pre-approval is critical because NYC’s competitive market favors well-prepared buyers. According to the New York Association of Realtors, 68% of buyers found pre-approval essential to secure financing and submit competitive offers. Co-ops dominate NYC’s housing stock (75%), but their stringent approval processes—requiring board evaluations and higher down payments (often 20%)—can deter first-time buyers. The median home price in NYC was $1.2 million in 2023, making financing strategies vital. FHA loans offer 3.5% down payments, but co-ops may reject them. Negotiating closing costs (averaging 2-4% of the sale price) and understanding transfer taxes ($435,000+ for properties over $2 million) saves buyers thousands. Data from the City of New York shows that 40% of buyers cite affordability challenges, underscoring the need for thorough budgeting and knowledge of local regulations.