Many buyers will joke and say "the best way to win a bidding war is to not engage in the first place". All joking aside, bidding wars have become reality for many Westchester County homebuyers as our market shifts more towards a sellers market. Inventory levels have been tight the past two years and this year is no exception, so far. Some homes are receiving as many as 28 offers! So how does a homebuyer make their offer standout amongst the rest? Unfortunately there isn't one single answer; it depends on your buying power and desire to compete.
There are many ways to structure an offer to make it more attractive to the seller. The dollar amount is important but not always the deciding factor; flexibility on timing can seal the deal. Some sellers don't care about anything but the price and others care more about the right person buying the home. Have your agent speak with the seller’s agent to fish for any information that can help you understanding their train of thought. Things such as, the seller’s motivation, how long they have been in the home, and their time frame. The key to a successful negotiation is having some understanding of whom you are negotiating with. The more flexible you are with contingencies and timing, the easier it will be to craft an offer that is win-win for both parties. Everybody wants to feel like they have won and walk away with terms that make them happy.
My advice to you is, know your limits and partner with an expert agent that can provide sage advice. The term "war" has such a negative connotation attached to it. I prefer to approach it with the understanding that it's only normal for many people to want the ideal home. You can only do the best you can do, find peace in that. I firmly believe that everything happens as it's meant to whether you realize it or not.
Christopher Pagli
Accredited Buyer Representative
William Raveis Legends Realty Group
Westchester County Real Estate Advisor For "Buying & Selling" With The Property Brothers On HGTV
914.406.9023
www.WestchesterCountyRealEstateMarket.com
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