To buy a house in New York, secure pre-approval for a mortgage, hire a licensed real estate agent, research neighborhoods aligned with budget and lifestyle, submit an offer through a binding contract, pass mandatory home inspections, and close the transaction with title insurance and payment of transfer taxes. Key steps include financing preparation, professional guidance, due diligence, and navigating legal requirements.

The process is complex due to New York’s competitive housing market and regulatory framework. According to the New York Association of Realtors, 65% of buyers in 2023 relied on pre-approval to strengthen offers, as sellers favor pre-qualified buyers. Average home inspection costs range from $400 to $1,500, with 92% of transactions requiring such evaluations to uncover issues like roof repairs or plumbing defects. Transfer taxes vary by borough, with Manhattan’s rates at 1.825% of the sale price, contributing to closing costs averaging $20,000–$50,000. Additionally, New York City’s median home price rose 15% year-over-year to $1.1 million in 2023, per the Urban Land Institute, reflecting limited inventory and high demand. title insurance, typically costing 0.5–1% of the property value, protects against title disputes. These factors underscore the need for thorough preparation, professional representation, and adherence to local regulations to ensure a successful purchase.