Found 6 blog entries tagged as Bidding Wars.

More Homes Selling to the Highest (Cash) Bidder

Westchester County’s housing market has strongly favored sellers in recent years, with many buyers forced to offer above the asking price just to stay competitive. According to my research, 56.2% of homes in Westchester sold for more than the listed price last year.  With all-cash offers becoming more frequent,  HousingWire is reporting that New York ranks second in the nation with 40.4% of purchases made in cash. It begs the question: What makes cash offers so appealing to sellers?

  1. Fewer Risks: No appraisal and mortgage approvals are required.

  2. Can Close “As-Is”: The ability to close with issues like open permits or code violations which lenders will typically…

170 Views, 0 Comments

Read Full Post

Inside Westchester’s Bidding Wars

Bidding wars in Westchester County, New York

The Westchester County housing market continues to see a high volume of homes selling above their asking price. My analysis of single-family home sales by school district reveals that 56.2% of closed sales last year sold above list price. Of the 39 school districts I reviewed, 30 had a majority of sales close above asking, while only 9 districts fell below the 50% mark. Every school district, with the exception of Bronxville (99.3%) and Tuckahoe (96.8%), had an average sale-to-list price ratio above 100%.

Highest Percentage of Sales Over Ask:
    1.  Hendrick Hudson:  77.8%
    2.  Rye Neck:  72.2%
    3.  Elmsford:  70.8%
    4.  Irvington:  69.4%
    5.  Ardsley:  68.4%
    6.  Peekskill:  67.9%
…

311 Views, 0 Comments

Read Full Post

After 5 emails, 21 phone calls, and 181 text messages - we had a deal.

As a service-based business, it’s natural to want to share only the wins, but it’s just as important to be honest about the tough moments, too. If you’ve been house hunting lately, you know how tough the market is.

Last week, my buyers offered $100,000 over asking with excellent terms — strong down payment, no formal inspection, and a flexible closing — for a home they truly loved. It wasn’t a bidding war, but there was competition, and comparable sales supported the offer. So, we led with a strong and serious offer.

Then, we lost — to an all-cash buyer.

We regrouped, removed the escalation clause (since $20k over all-cash wasn’t enough of an…

154 Views, 0 Comments

Read Full Post

How Much Over Ask? 

14 S Dutcher Street in Irvington

Last week, 14 South Dutcher Street in Irvington closed for a staggering 159% of its asking price. Initially listed in June for $850,000, the property sparked a bidding war that drove the final sale price to an impressive $1,351,888 — the highest sold percentage over asking in Westchester County this year.

Click Here for the Property Listing

It begs the question: do we think the winning buyers invoked an escalation clause? I hope so — they might have saved some money!

150 Views, 0 Comments

Read Full Post

The Cheesiest Way to Win a House?

In today’s competitive real estate market, multiple offers are almost expected, and our role as agents is to give our buyers the best possible edge in these situations. An agent in Milwaukee recently listed a house for sale and received several bids, one of which included an offer to buy the seller pizza every Friday night until the deal closed. Unfortunately, the seller accepted a higher offer, but let’s give the buyer and agent credit for thinking outside the box. I love the creativity!

Not to speak poorly of Milwaukee’s pizza game, but Sicilian pies from Dunwoodie or Sal’s, cheese pies from Joe’s or Johnny’s, or thin crust pies from Roma in Tuckahoe could have brought a different…

154 Views, 0 Comments

Read Full Post

Part 1: Understanding "Highest and Best”

“Highest and Best" scenarios have become common due to the imbalance between homes for sale and homebuyer demand. When sellers receive multiple offers with limited room for negotiation, we often advise setting a deadline for buyers to submit their best possible offer. The goal, from the seller’s perspective, is to encourage buyers to present their most competitive bids while ensuring fair treatment for all parties.

How It Works:

  • Multiple Offers Received: Two or more offers are received without room for the seller to negotiate.

  • Announcement: The seller's agent announces the "Highest and Best" deadline to all agents who have shown the property, giving a clear timeframe…

174 Views, 0 Comments

Read Full Post