{"id":20667,"date":"2020-12-31T10:30:01","date_gmt":"2020-12-31T18:30:01","guid":{"rendered":"https:\/\/www.homelight.com\/blog\/?p=20667"},"modified":"2026-03-22T15:31:06","modified_gmt":"2026-03-22T22:31:06","slug":"buyer-i-bought-a-house-in-new-york-during-coronavirus","status":"publish","type":"post","link":"https:\/\/www.homelight.com\/blog\/buyer-i-bought-a-house-in-new-york-during-coronavirus\/","title":{"rendered":"How One NYC Homebuyer Won His Dream Home During Coronavirus"},"content":{"rendered":"

Ray Feagin isn\u2019t afraid of a challenge. As a retired Marine of 20 years, and now the site security manager for the World Trade Center, he\u2019s grown used to high-stress environments.<\/p>\n

For instance, New York City\u2019s real estate market, where he was looking to buy a home in February 2020 \u2014 right before the coronavirus hit.<\/p>\n

The Big Apple is notorious for its expensive and competitive real estate market. But the coronavirus threw everything for a loop. Back when the virus hit in March and April of 2020, tens of thousands of New Yorkers fled the city<\/a>, causing real estate prices to drop<\/a>.<\/p>\n

Yet once coronavirus restrictions started lifting during the late spring and early summer, a flood of real estate activity<\/a> kicked off, with many buyers entering the market at the same time.<\/p>\n

Buyers began looking for outdoor spaces, home offices, access to parks, and homes located in smaller buildings so they could avoid the crowded lobbies and elevators of larger ones.<\/p>\n

That means many Manhattanites began looking to the outer boroughs and suburbs, and Manhattan housing inventory is actually rising<\/a> \u2014 a stark change from the market prior to the coronavirus.<\/p>\n

For now, it seems the city\u2019s hardest-hit market is luxury homes<\/a>, while more affordable homes \u2014 in New York City, that means all properties priced below $2 million \u2014\u00a0 are still selling just fine.<\/p>\n

So don\u2019t be too quick to believe the think pieces popping up declaring that \u201cthe city is over<\/a>.\u201d New York City is far from over.<\/p>\n

In fact, top New York real estate agent Raja Tayeb<\/a>, who worked with Feagin on his Queens home purchase, says he\u2019s never seen anything like the frenzy of the current market.<\/p>\n

\u201cI\u2019ve been doing this for 16 years, and I\u2019ve never been busier,\u201d he reveals. \u201cIt\u2019s incredible.\u201d<\/p>\n

Let\u2019s dive into how Tayeb helped Feagin capitalize on the unique opportunities of the coronavirus-fueled real estate market and realize his lifelong homeownership dream.<\/p>\n

Before coronavirus, Feagin couldn\u2019t gain traction with sellers<\/h2>\n

Feagin started his home search back in early February of 2020, well before coronavirus shutdowns began to sweep the nation.<\/p>\n

\u201cRates went really low \u2014\u00a0extremely low \u2014\u00a0so I felt like it was very important to take advantage of that,\u201d he reveals.<\/p>\n

\u201cI was just tired of throwing away money in rent. I thought, why pay somebody else\u2019s mortgage when I could be paying my own?\u201d<\/p><\/blockquote>\n

Feagin says owning a home has always been an aspiration, and when he retired from the Marines after 20 years of service, the timing just felt right.<\/p>\n

Unfortunately, he didn\u2019t have much success\u00a0 \u2014 that is, at first.<\/p>\n

\u201cPre-COVID, it was very difficult for us to lock in a deal. We lost on several bids,\u201d explains Tayeb. \u201cEven though he had great income and great credit, nobody wanted to go with his offer because he had zero down, and he was asking for a seller\u2019s concession.\u201d<\/p>\n

In this case, the seller concession<\/a> Feagin sought was asking the seller to cover his closing costs<\/a> (which add up to between 2% and 5% of the loan amount), so he wouldn\u2019t have to pay them out of pocket.<\/p>\n

Typically, sellers are only willing to consider closing cost concessions when there\u2019s little competition for a home and they\u2019re trying to entice buyers.<\/p>\n

In a multiple offer situation, it\u2019s unusual for a seller to concede on closing costs. To that end, Tayeb estimates that he and Feagin looked at around 40 properties, and unsuccessfully bid on eight of them, prior to the initial coronavirus shutdowns.<\/p>\n

Striking while the iron was hot (and competition was low!)<\/h2>\n

When the coronavirus hit Queens in mid-March, it hit hard. New York City became the epicenter of the virus, and extensive lockdown measures were put in place to slow the spread.<\/p>\n

With in-person meetings and home showings unable to happen, real estate activity basically slowed to halt.<\/p>\n

But by early April, things were slowly starting to open back up. Tayeb realized that he and Feagin had a unique window of opportunity.<\/p>\n

\u201cI called Ray and I said, \u2018I think this is going to be the opportunity; I think this is going to be the time for us to really shine,\u201d Tayeb recalls. \u201cReason being that a lot of buyers are on the fence. There\u2019s a lot of uncertainty, so they won\u2019t be coming out and looking at properties.\u201d<\/p>\n

Tayeb knew sellers would be extremely motivated, and there\u2019d be little to no competition for Feagin. Given their unique no-money-upfront offer strategy, it was an important moment to seize.<\/p>\n

So they decided to continue their search.<\/p>\n

\"Ray<\/a>
Source: (Courtesy of Ray Feagin)<\/figcaption><\/figure>\n

Finding an unexpected dream home<\/h2>\n

Feagin and Tayeb hit the ground running, driving around Queens seeking for-sale signs, and viewing homes during a time when most buyers were nervous to enter even an empty house for a real estate showing.<\/p>\n

Throughout his search, Feagin had been insistent on only looking for two-family homes, to the point where he wouldn\u2019t even consider single-family options.<\/p>\n

That is, until Tayeb reached out with a unicorn opportunity.<\/p>\n

\u201cJust out of the blue, one day, my agent said, \u2018You know what, Ray? I know you\u2019re only interested in two-family homes, but I\u2019ve got one single-family home I want to show you,\u201d Feagin shares.<\/p>\n

He wasn\u2019t convinced at first, and didn\u2019t want to waste anyone\u2019s time looking at a home he had no intention of buying. But his agent finally talked him into the showing.<\/p>\n

\u201cHe said, \u2018Trust me, I\u2019ve been with you for months now and I know what you\u2019re looking for. I know your style. Come with me,\u2019\u201d Feagin remembers. He decided to give the home a shot.<\/p>\n

Needless to say, it was love at first sight.<\/p>\n