To buy a house in New York City, first secure pre-approval for a mortgage, as 75% of buyers require financing. Research neighborhoods by analyzing median prices ($1.2 million in 2023), school districts, and transportation access. Prioritize co-ops or condos—co-ops dominate (85% of NYC housing stock) but demand thorough board evaluations. Engage a licensed real estate attorney for contract review and title insurance. Make an offer through a broker, using competitive bids or accepted offers within 48 hours. Close the deal with a 20% down payment (or lower via FHA loans) and final inspections.

This process ensures financial readiness and navigates NYC’s complex market. Pre-approval saves time and strengthens offers, as 60% of homes sell within a week in competitive markets. Co-ops require board approval, which can reject 30% of applicants due to income ratios or personal history. Title insurance ($2,000–$5,000) protects against prior ownership disputes, a common issue in NYC’s dense property history. Median prices reflect a 12% year-over-year increase (NAR, 2023), driven by low inventory (1.8 months supply) and high demand. Attorneys handle 90% of NYC real estate transactions, addressing leasehold issues and regulatory compliance. These steps mitigate risks like hidden fees (2–4% closing costs) and ensure legal and financial security in a high-cost, high-regulation environment.