Five Questions to Ask Before You Make an Offer

The pressure to act quickly in a competitive market compresses the due diligence that protects buyers from costly mistakes. Knowing which questions matter most — and getting clear answers before you commit — is the discipline that separates confident buyers from anxious ones.

1. How Long Has It Been on the Market, and Why?

Days on market is one of the most informative data points available to a buyer. A property that has been listed for more than 60 days in a market where comparable homes are moving in two to three weeks is communicating something. It may be a pricing issue, a disclosure that has deterred other buyers, or a condition problem not visible in the photographs.

Ask your broker to find out. The answer is usually available, and it shapes how you approach the negotiation. A motivated seller with a stale listing is a very different situation from a well-priced property that came to market last week.

2. What Are the Full Carrying Costs?

The purchase price is only part of the financial picture. Monthly maintenance in a co-op, common charges and taxes in a condo, or the full operating costs of a townhouse can vary dramatically between properties at similar asking prices. At current rent levels, buyers in the $800,000 to $1.5 million range often find that monthly ownership costs match or undercut rental payments — particularly for co-ops where maintenance includes property taxes.

Model the complete carrying cost before you fall in love with the listing price. A property that appears comparable in asking price can cost significantly more per month to own.

3. Are There Pending Assessments?

For co-ops and condos, review the building financials and the most recent board minutes before making any offer. Assessments — special charges levied to cover building repairs or capital improvements — can represent a significant undisclosed liability that does not appear in the listing. Your attorney will address this formally in due diligence, but asking the question early can save time if there is a problem.

4. What Is the Seller's Timeline?

Understanding whether the seller is motivated, flexible, or under no particular pressure changes how you structure your offer. A seller who has already purchased elsewhere and needs to close quickly may prioritize certainty over price. One who is not in a hurry will hold out for the highest number. Knowing which situation you are in gives you a genuine strategic advantage before the negotiation begins.

5. Can You See Yourself Here in Ten Years?

This sounds like a soft question, but it is the most important one. New York real estate transactions are expensive in both directions. The costs of buying and selling — including transfer taxes, broker commissions, legal fees, and moving costs — mean that a property held for less than three to four years is unlikely to generate a meaningful financial return.

Buy for the long term, and the short-term fluctuations of the market become largely irrelevant. The buyers who do best in New York are almost always the ones who chose well and stayed.