Found 4 blog entries tagged as Highest and Best.

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%
…

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Two Key Terms of a ‘Highest and Best’ Offer

Most buyers are familiar with the traditional terms of an offer to buy a home. They include the purchase price, down payment amount, financing details, desired closing date, and any inclusions or exclusions of items such as furniture or fixtures. However, there are two key terms that can help influence a seller’s decision during “Highest and Best” situations:

Escalation Clause: Allows a buyer to automatically increase their bid if a competing offer is higher. They should always include an initial offer, the increase amount, cap, and a request for verification of the competing offer which triggered the escalation.

  • Example: Let's say a buyer offers $800,000 for a home…

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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…

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The Timeline of a House Sale in Westchester County

Last week, my seller-clients at 207 Manhattan Avenue in Hawthorne accepted an offer on their home of 41 years. We’ve discussed this sale for years, considering market conditions, timing, and the home’s value. Despite the nervousness of moving, a family illness prompted them to act. Here’s how it unfolded:

  • March 30th: The sellers gave a tour of the home, and we discussed steps to prepare it for the market.

  • June 13th: Our professional photographer captured still, aerial, and 3D images to be used in our home marketing campaign.

  • June 17th: The home was listed as “Coming Soon.” The marketing campaign kicks off.

  • June 20th: Property tours began, with 7 on…

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