To buy a home in New York City, first secure a mortgage pre-approval, research co-op/condo differences, and prepare for board interviews. Calculate closing costs (typically 1-3% of the purchase price), and use a licensed real estate broker to navigate competitive markets.

The NYC homebuying process requires meticulous preparation due to high demand and complex regulations. A 2023 report by the New York City Council found that 68% of buyers face delays due to stringent co-op board evaluations, which often reject 40% of applicants. Median home prices in Manhattan reached $1.25 million in 2023, necessitating a 20% down payment on average, according to the Urban Land Institute. Closing costs, including taxes, legal fees, and transfer taxes (up to 2.625% of the sale price in Manhattan), can exceed $50,000 for a $1 million property. Pre-approval is critical, as 78% of listings require proof of funds upfront, per a 2023 Queens Chamber of Commerce survey. Board interviews, which assess financial stability and lifestyle compatibility, account for 35% of purchase rejections, per CityRealty data. These factors underscore the need for financial readiness and expert guidance to navigate NYC’s unique market.