How to Find Cash Home Buyers in New York

Inside the New York cash home buyers market

New York’s cash home-buying market is made up of real estate investors and other buyers who purchase properties without relying on traditional financing. Here’s a closer look at the main groups and their motivations:

• New residents: New York is attractive to out-of-state buyers, some of whom are paying cash to make their relocation process easier. While New York City’s population is declining at an annual rate of -1.95%, suburban areas outside the city have experienced growth.
• Baby Boomers: In 2024, 33% of U.S. home sales were all-cash. Over half of Older Boomers and 53% of Silent Generation buyers paid with cash, indicating their financial stability.
• Property investors: This includes institutional buyers, house flippers, buy-and-hold investors, wholesale investors, and iBuyers, all aiming to profit from the local market.
• iBuyers: These companies often pay closer to market value than other types of investors. While iBuyers offer a convenient solution for many homeowners, their service fees and selectivity can limit their availability to some.

Pros of working with a New York cash home buyer

Cash offers can be a practical choice for New York homeowners seeking a streamlined and efficient selling experience. Here are the main advantages of working with cash home buyers in New York:

How to request a cash offer in New York

If you’re interested in streamlining the cash offer process, HomeLight’s Simple Sale platform can help. Simple Sale connects you with the largest network of vetted, pre-approved investors in the U.S.

After answering a few basic questions about your property, you’ll receive a no-obligation cash offer within 24 hours. If you accept, you can close in as little as 10 days, with the flexibility to select a move-out date that works for you – up to 30 days post-closing.

While cash buyers typically pay less than the open market might yield, traditional sales often come with fees that reduce your profits by 9% to 10%. Depending on your goals, a cash sale could offer greater overall value.

How much are New York cash home buyers willing to pay?

Cash investors and home-buying companies generally strive to purchase homes below market value, offering sellers a faster and simpler transaction in return. For example, house flippers commonly use the 70% rule. This means they purchase homes at no more than 70% of their after-repair value (ARV), including the cost of renovations.

Higher interest rates are affecting the New York market, which has seen declining sales and reduced housing inventory in recent months. However, median home sale prices continue to increase.

Cash offers will vary depending on your specific region. In competitive markets with high demand and limited inventory, cash buyers are likely to offer closer to market value – typically between 80% and 85% of a property’s ARV. However, in slower markets, cash offers can be significantly lower. Understanding these dynamics can help set realistic expectations when considering a cash sale.

What’s the process of selling to a New York cash home buyer?

If you need to sell your home fast, a cash sale may be the right path for you. Here’s an overview of the process of selling to cash home buyers in New York:

Complete the New York Property Condition Disclosure Statement

• What it is: In New York, sellers are required to disclose any defects before accepting an offer by completing the Property Condition Disclosure Form. Sellers must also complete the Lead-Based Paint Disclosure Statement (for homes built before 1978).
• Why it matters: Mandated disclosure laws ensure buyers receive essential property details. Accurate disclosures are legally required and can help your sale avoid complications.
• How cash buyers help: New York “We Buy Houses” companies often fill out disclosures for you, but completing them beforehand can speed up the process. These buyers purchase homes in any condition, so disclosures are mostly a legal obligation.

The buyer runs a title search on the property

• What it involves: Cash home buyers in New York conduct a property title search to confirm ownership and identify possible problems, such as liens, undisclosed heirs, and boundary disputes.
• Why it’s important: Addressing title issues promptly can streamline the selling process and avoid costly delays.

The seller pays any associated fees

• Typical costs: Cash sales usually have fewer closing costs, if any. However, sellers may still need to pay costs like transfer taxes, title insurance, escrow fees, and attorney fees.
• New York’s transfer tax: In most states, transfer taxes are paid at closing. In New York, sellers typically pay the transfer tax, which is levied at a rate of two dollars for $500 of consideration. Depending on the county and city, New York sellers may face additional taxes.
• Minimizing fees: While many “We Buy Houses” companies cover closing costs, their offers often fall below market value, requiring homeowners to weigh convenience against potential financial loss.

Deciding to sell to New York cash home buyers

Even in today’s market, selling a home for cash can be a feasible option for many New York homeowners.

Whether you prefer to find buyers independently, partner with an agent, or explore options like Simple Sale, HomeLight provides the resources and connections you need. We’ll help you navigate your options and find the fastest, most efficient solution by leveraging the strength of New York’s investor market.

Header Image Source: (Nate Johnston/ Unsplash)