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By Colin O'Leary Congratulations—you’ve reached the NYC co-op board interview stage! This milestone means your offer was accepted, your finances passed the board’s initial review, and your board package successfully navigated one of the city’s most selective real estate screening processes. That’s a huge accomplishment, especially for first-time buyers. Now comes the final step: the co-op board interview. While being interviewed by a group of strangers might feel intimidating, it’s really just a formality. The board’s goal is to meet you in person, confirm your application details, and determine whether you’ll be a responsible and respectful addition to the building. Most interviews are short, polite, and completely manageable if you come prepared. Understand the Board’s Expectations Preparation is key. First, be ready to discuss your financials confidently. Know your income, employment history, and any relevant debts, such as student loans. The board may ask for clarification on unusual circumstances, including freelance income, career changes, or gaps in employment. Honesty and clarity are far more important than having a “perfect” financial profile. It’s also helpful to understand the building’s culture. Every NYC co-op has its own personality: some are traditional and rule-oriented, while others are more relaxed. Your real estate agent can provide insights into the board’s expectations regarding noise, guests, renovations, and overall building etiquette. You don’t need to pretend to be someone else—just align your tone and responses with the building’s culture. Common NYC Co-op Board Interview Questions During the interview, expect questions such as:
Appearance and Professionalism Treat the interview like a professional meeting. Business casual attire is usually best. Even if the building has a relaxed vibe, showing up neat, polished, and prepared signals that you take the opportunity seriously. Be courteous and warm, but avoid overly personal anecdotes, controversial topics, or humor that might not land. The safest approach is to be brief, authentic, and professional. After the Interview Most interviews last less than 30 minutes. If it feels short or casual, that’s generally a good sign. Afterward, the board will meet privately to vote. You’ll typically hear back within a few days to a week. If approved, you can move forward to closing. If not, don’t panic—your agent can help you understand what went wrong and guide you toward other opportunities. Final Thoughts The NYC co-op process is famously intense, but reaching the interview stage is proof of your preparation and determination. With thoughtful preparation, a professional demeanor, and a clear understanding of the board’s expectations, you’re in a strong position to succeed. If you’re looking to buy a home in New York City, contact Colin O'Leary, team leader of The Big City Team at Berkshire Hathaway HomeServices Fillmore Real Estate, at 646-300-2012 for a free consultation. Our team specializes in guiding first-time buyers through every step of the NYC real estate process—with clarity, confidence, and results.
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 Photo by Thomas Wolter on Unsplash By Colin O'Leary
The U.S. housing market in 2025 continues to show sharp regional contrasts in home prices, sales activity, and buyer sentiment. Nationally, existing home sales fell 0.5% in April to a seasonally adjusted annual rate of 4.00 million units, the slowest April since 2009. However, new home sales surged 10.9% during the same period, reaching the highest level since February 2022. This increase was largely driven by builder incentives and price reductions that have appealed to budget-conscious buyers. Meanwhile, the inventory of existing homes rose to 1.45 million units, reflecting a 9% month-over-month and 20.8% year-over-year increase, providing more options for buyers in a market still challenged by high mortgage rates, which average 6.97% nationally as of May 26, 2025 (bankrate.com). In the Northeast, price appreciation is leading the nation, with a 10.3% year-over-year increase during the first quarter of 2025. This growth is paired with tight inventory and minimal price reductions. Cities like Buffalo, NY, and Trenton, NJ, remain in high demand due to their relative affordability and proximity to larger employment hubs. The New York City housing market remains active, with the median home sold price reaching $870,078 in April 2025, a 3.2% increase year-over-year. Manhattan led with a 12% rise in median sale price to $1.175 million, while resale condos jumped 18% to $1.595 million. Brooklyn and Queens also saw solid growth, with median prices up 8% and 9%, respectively. Sales activity rose sharply, with over 2,500 condo and co-op transactions in Q1. On the rental side, Manhattan saw average monthly rents increase 7% year-over-year to $5,194, and while a wave of new inventory is expected this year, affordability remains a major concern, especially as rent-stabilized units face potential foreclosure and tax lien challenges. The South, which accounts for 44.9% of all existing-home sales, has a mixed outlook. Home prices in the region increased just 1.3% year-over-year. While some markets, such as parts of Florida and the Carolinas, remain resilient due to job growth and population inflow, other metros are cooling. Austin, Texas, and Atlanta, Georgia, saw notable year-over-year price drops of 5.9% and 1.8%, respectively. Persistent high mortgage rates and buyer hesitation have led to growing inventory and longer time on the market in these cities. However, recent data from May 2025 shows that cities like Nashville, Tennessee, and Raleigh, North Carolina, are bucking the trend with moderate price gains of 3.4% and 2.9%, respectively, driven by strong tech sector expansion and inbound migration. Tampa Bay is also stabilizing with home sales rising 4.5% month-over-month, fueled by new developments targeting first-time buyers. The Southeast’s rental market remains active, with average rents increasing 4.8% year-over-year, notably in Orlando and Charlotte, where rental demand is boosted by a surge in young professionals and remote workers relocating from higher-cost regions. The Midwest has become one of the strongest-performing regions, driven by affordability and steady labor markets. Milwaukee led the region with a 20% year-over-year increase in home prices. Meanwhile, cities like Detroit and Cleveland continue to be among the most affordable in the nation, with median home prices of $180,000 and $217,750, respectively. These low price points and rising interest in homeownership are driving strong demand and competition, positioning the Midwest as a standout in today’s national housing landscape. In addition, Minneapolis and Columbus have seen increased buyer activity, with home prices rising 6.5% and 5.8% year-over-year, supported by robust job growth in manufacturing and healthcare sectors. Inventory in these markets remains tight, with months of supply hovering around 2.1 to 2.5, leading to faster sales cycles despite mortgage rate pressures. Rental vacancy rates in the Midwest remain low at approximately 5.3%, further underscoring strong housing demand. Out West, market trends are mixed. Pandemic boomtowns like Salt Lake City are seeing price corrections, with values down 2.1% year-over-year as remote work demand declines. On the other hand, tech-driven markets like Denver and Seattle are rebounding. Denver posted a 5.1% increase in home prices, while Seattle saw a 3.7% uptick. These cities also report fast-moving inventory, with median days on market as low as 10 to 12 days in places like San Jose and Seattle. Meanwhile, California’s Inland Empire is experiencing moderate growth, with home prices rising 2.8%, thanks in part to increased new construction. San Francisco and Los Angeles markets have shown some stabilization with modest price gains of 1.5% and 1.2% year-over-year, respectively, aided by easing inventory shortages and a slight uptick in luxury home demand. Conversely, Portland, Oregon, and Boise, Idaho, are experiencing slowdowns, with prices declining 1.4% and 3.2% year-over-year, reflecting shifting migration patterns and affordability constraints. The Western rental markets remain competitive, with vacancy rates below 4% in most major metros, pushing rents up 6% year-over-year, particularly in urban cores where tech job growth is rebounding. Overall, the 2025 housing market remains shaped by high mortgage rates, rising inventory, and a strong regional divide. Affordability continues to be a top concern for many buyers, while shifting demand and local economic factors are driving distinctly different outcomes across the country. Sources: National Association of Realtors (NAR), Existing Home Sales Data, April 2025 U.S. Census Bureau, New Residential Sales, April 2025 Bankrate.com, 30-Year Mortgage Rates, May 26, 2025: bankrate.com Zillow Research, Regional Housing Market Reports, Q1 2025 Redfin Data Center, Housing Market Trends by City, May 2025 Apartment List, Rental Market Report, Q1 2025 Local real estate boards and MLS reports for NYC, Southeast, Midwest, and Western metro areas  Photo by Ricky Singh on Unsplash By Colin O'Leary If you’ve ever rented an apartment in New York City, you know the sting of writing a large check for a broker’s fee — sometimes thousands of dollars — just to move into your new home. For decades, it’s been standard for renters to cover these fees, even when the broker was technically representing the landlord. But that’s about to change. On June 11, 2025, the Fairness in Apartment Rental Expenses (FARE) Act is scheduled to take effect, reshaping how broker fees are handled in residential rentals across the city. Passed by the New York City Council in 2024, the law is designed to make renting more affordable and transparent for tenants. Under the FARE Act, landlords will now be required to pay the broker’s fee when the broker is working on their behalf to market or lease an apartment. Renters will only be responsible for a fee if they personally hire a broker to help them find and secure a home. This change puts financial responsibility where it belongs — with the party that hired the broker. This is welcome news for many New Yorkers, especially those struggling to cover several months of rent upfront. Broker fees in NYC have traditionally run as high as 15% of the annual rent — a hefty cost in a city where rent is already sky-high. By shifting this expense away from tenants in most cases, the FARE Act promises significant relief for renters. However, the law isn’t without controversy. Industry groups, including the Real Estate Board of New York (REBNY), have filed legal challenges, arguing that the FARE Act conflicts with existing state regulations and infringes on property owners’ rights. Despite the litigation, the law is slated for enforcement starting June 11, 2025, though the court’s decision could affect implementation. So what happens if a landlord or broker violates the new rules? The Department of Consumer and Worker Protection (DCWP) will oversee enforcement. Landlords or brokers found in violation could face fines ranging from $500 to $2,000 per incident, and brokers risk disciplinary action from the New York State Department of State, which oversees licensing. For renters, the message is simple: starting next summer, you shouldn’t pay a broker fee unless you’ve hired the broker yourself. Understanding who the broker represents is more important than ever. If they’re working for the landlord, the fee is on the landlord — not you. For landlords, this change requires a shift in budgeting. Broker fees may now become a standard business expense, similar to marketing or maintenance. It’s also an ideal time to review relationships with brokers and ensure they’re staying up to date with local laws. At The Big City Team, we’re preparing both renters and landlords for this transition. Our commitment to transparency, ethical service, and legal compliance ensures our clients stay informed and protected. We’ll continue to monitor court proceedings closely and share updates that could affect your leases or listings. Navigating NYC’s rental market has never been simple, but the FARE Act is a major step toward leveling the playing field. Whether you’re renting your first apartment or listing your next investment property, we’re here to guide you through the process with clarity and care. If you’re in the market to rent a home in New York City and need assistance, contact Colin O'Leary at 646-300-2012 for a complimentary consultation. |
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December 2025
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The Big City Team
Berkshire Hathaway HomeServices Fillmore Real Estate
4717 Avenue N, Brooklyn, NY 11234
Colin R. O’Leary
Founder & Team Leader | Licensed R.E Salesperson
Phone: 646-300-2012
Email: [email protected]
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Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate.
Equal Housing Opportunity.
Privacy Policy