9 negotiating mistakes to avoid when you're buying in NYC
- Avoid making a lowball offer without an analysis of comparable apartment sales to back it up
- Rather than lock in on a specific dollar figure, consider a price range that fits within your budget
- Demonstrate flexibility around terms that would benefit the seller—like paying the transfer tax
Negotiating transfer taxes and carrying costs as part of a package is now standard for new developments, as opposed to focusing exclusively on price.
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Buying in New York City can involve a steep learning curve. Even if you are comfortable with brokering deals in your day job, negotiating the purchase of an apartment or house can be unfamiliar.
So it's a good idea to familiarize yourself with the best negotiating methods. One obvious mistake is to make an initial offer well below the asking price without comparable sales data to support it. Equally important: Don't get hung up on a specific dollar figure. Instead, settle on a reasonable price range and demonstrate flexibility in areas that might benefit the seller. For example, you could offer to pay the transfer tax, which is typically their responsibility.
Successful negotiations often hinge on mutually respectful relationships, making it essential to have a broker with a positive attitude and a strong reputation—someone that you trust and can work effectively with the seller's broker. Equally important: Don't get hung up on a specific sales price. Instead, settle on a price range you can work with, and demonstrate flexibility in areas that might benefit the seller. For example, you could offer to pay the transfer tax, which is typically the seller's responsibility.
Whatever you do, always have a plan for your next move. And make sure you don't share too much information—particularly your motivations—with the seller's broker when viewing the place. To learn about other mistakes to avoid, read on.
[Editor's note: A previous version of this article was published in April 2025. We are presenting it again with updated information for May 2026.]
1. Don't make a lowball offer without good comps
"Lowballing in a down market is acceptable, but you have to ensure you are still in a down market," said Kobi Lahav, director of sales at Living NY. A poorly timed lowball offer can undermine your credibility, leading the seller to think you're not serious.
When coming in with a bid well below the asking price, you should offer some proof that the apartment is listed for more than it's worth. That includes providing statistics, trends, or comparative sales—aka "comps"—to justify your lowball bid.
"Sometimes lowballs are fair if the property is overpriced, but if there's a lot of activity at an open house, it's just not going to fly," said Ian Katz, a broker at Compass. Have a conversation with your broker to make an informed offer, supported by a well-reasoned analysis that makes sense to the seller.
But first, be sure to hire an expert who understands the market and can determine the right price.
2. Don't work with just any broker
Not all brokers are the same. Interview several brokers and consider their training, education, and experience level. A broker with a negative reputation will not earn the confidence of the seller's representative.
Lahav said he's won some bids because the listing broker preferred working with him over other brokers. And when he is on the sell side, he's chosen offers because he knows the other broker's professionalism would be less likely to create issues with the board package or other parts of the vetting process.
3. Don't overlook negotiating opportunities
One of the biggest mistakes buyers make is refusing to budge on price. In reality, focusing solely on price can be limiting. A more effective approach is to negotiate the entire package—considering factors such as the deposit, contingencies, and closing details, including timing and who covers taxes and fees.
For example, if you're hesitant to increase your offer, you might strengthen it with a non-refundable deposit at a higher percentage. It can also pay to understand the seller's priorities and then tailor your terms accordingly. The more adept you become at structuring these packages, the more control you gain in the negotiation, since multiple combinations can get you across the finish line.
The package approach is by now the standard in new developments, where sponsors often have less flexibility due to financing restraints. As a result, deals tend to hinge on negotiations around transfer taxes and carrying costs. Focusing exclusively on price means you are more likely to overlook these opportunities.
Adopting this mindset shift can take some adjustment. "I often tell clients they need to look at it from a more collective bargaining perspective. One often needs to be willing to compromise to get the deal over the goal-line," Katz said.
It's particularly relevant for co-op purchases, which are (much) more complicated than condo purchases. Co-ops usually impose post-closing liquidity or other financial requirements. Buyers with stellar finances, ample liquidity, or the ability to pay cash are therefore in a stronger position to negotiate favorable terms across the entire deal.
4. Don't disappear post-offer
According to Lahav, a buyer who fails to follow up after making an offer will not be considered serious to the seller's agent—especially for a well-priced property with strong interest. But really, you should check in regularly on any deal, even for places that have lingered on the market.
What if the seller doesn't counter? Check back with the seller's broker to see whether they have countered other offers. If so, you will likely need to raise your offer to within 10 percent of the asking price.
5. Don't overshare
When the seller's agent is showing you the property, avoid saying how much you love the view or how much you like having an in-unit washer/dryer. These kinds of comments can negatively affect your negotiating power.
You should definitely ask questions, but don't show your cards. For example, sharing your motivations for buying or other factors—like having a tight deadline—might be used against you. Hold off on these discussions until you can leverage them to secure something of value.
Discussing your financial details within earshot of the seller's agent can also backfire. Depending on the situation, it can either give them reason to believe you can afford more than you initially offer—or inadvertently disqualify yourself by underselling your qualifications.
In addition, avoid mentioning that you are looking at other properties. "Buyers often think this will make the seller offer a discount, but in general, it just makes them look like window shoppers," Lahav said. That said, when a seller is dragging their feet after you've made an offer, saying you are looking elsewhere can help move the process forward.
Lahav compares the buying experience to dating. "Declaring you have other options on a first date will most likely make you seem condescending and will create resentment," he said. "Making sure your serious partner understands that if you don't tie the knot soon, you are out is a more acceptable tactic."
6. Don't be rude
The goal is to avoid introducing any undue tension into what can be a fraught process. After all, negotiations are built on relationships. Wei Min Tan, a broker at R New York, said it's a misconception that a hardball attitude gets results.
"People would rather do deals with people they like," he said. "That rapport is going to translate into the seller's broker's communication with the seller—there's nothing to lose from being nice," he added.
Make sure your broker lays the groundwork by asking the listing agent about the seller's needs and wants. Tact is essential—a successful negotiator has the personality to make that conversation happen.
Telling a seller at a showing that you are looking at other properties can also backfire. "Buyers often think it will make the seller offer a discount, but it generally just makes them look like window shoppers," Lahav said. However, when a seller is dragging their feet once the contract is out, saying you are looking elsewhere can help move the process forward.
Lahav compares the buyer-seller relationship to dating. "Declaring you have other options on a first date will most likely make you seem condescending and will create resentment," he said. "Making sure a serious partner understands that you are out if you don't tie the knot soon is a more acceptable tactic."
7. Don't forget your Plan B
You have very little leverage without a backup plan.
Your Plan B shouldn't be to surrender and begin searching for another apartment, but to have a new strategy for this purchase. How can you make your current offer more attractive to the seller? Remember: It's important to negotiate a package, not just a price.
Also, avoid rushing. Spend time planning your next move. Ideally, your broker will have spoken to the seller's broker and worked out what it will take to close the sale. Maybe the seller wants to rent back the apartment for one or two months, or would be willing to close if you paid a higher non-refundable deposit.
8. Don't skip the offer letter
An offer to buy a place is more than just a number scribbled on a piece of paper. Your offer letter should be carefully crafted, explaining the offer and referencing supporting information such as comparable sales.
First impressions can make or break a deal. The goal is to present yourself as a serious bidder rather than as someone who sends multiple formulaic offers at once.
Be sure to include the standard financial disclosure statement, as well as a pre-approval from the lender if you're financing. All-cash buyers should show proof of funds via bank statements or other documents to verify that you have the money to pay.
Tan recommended creating a single pdf with all the paperwork. "What's really frustrating is when a broker sends an offer in an email and then a follow-up three days later with the pre-approval," he said, noting that this piecemeal approach signals disorganization that will potentially hinder the closing process.
9. Don't miss the big picture
To reiterate, you should not have tunnel vision when it comes to a specific number.
"Some buyers get so focused on negotiating the price down by $5,000 to $10,000 that they lose sight of the fact that all negotiations take time and can cost them money," Lahav said.
Delays can carry real consequences. While you’re going back and forth, another buyer could step in—or your mortgage rate lock could expire. That may mean additional fees, more paperwork, or even a higher interest rate.
As Lahav summed it up: "You have to do the math and see if going back and forth is going to be worth it."
—Earlier versions of this article contained reporting and writing by Emily Myers. This update was provided by Evelyn Battaglia.
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