Bidding Wars in NYC – Everything You Need to Know
Similarly to any other attractive city abundant with good opportunities around every corner, the real estate market in NYC is becoming stronger each day. As expected, there is a myriad of NY real estate agencies in the area as well as interested house buyers and people who are looking for an apartment for rent in New York. Other than local investors, a lot of international buyers find the Big Apple suitable for their vision of a place to live or at least have a property there.
AA Real Estate office nearby provides the most dependable realty services. It offers an array of breathtaking properties in the entire New York City area. All boroughs of the Big Apple are covered with AA Real Estate’s professional realtors that take your wishes, requests, and budget into consideration to make the house search less stressful.
Since finding the perfect home is always challenging, it can be really difficult to give up on a property that you fell in love with, even if that means taking part in a bidding war.
What is the Bidding War?
Bidding war means having multiple interested buyers for only one property. When this happens, the competitors will try to present the offer that’s higher than other proposals. The entire process can take time, especially if there are more than two interested buyers.
Although it can feel heartbreaking settling on a property and finding out that there are more competitors, some people find bidding wars exciting.
The seller, of course, is always happy when there’s bidding because it means that his/her property will be sold for the amount that’s higher than the original price. Very often, the final price will be much more expensive than the original one, depending on the buyers’ budgets.
Bidding wars can have a “best and final offer” notice from the seller a few days before the bidding is over, which means that the buyer with the highest offer gets to be the new owner of the property.
How to Win a Bidding War for a House/Apartment for Sale in New York?
Bidding wars in NYC happen very often. This is no surprise considering the stability of the NY real estate market and the fact that it’s attractive to many property buyers. So if you’ve ever wondered, “Is it worth buying a house in NYC?” let this be the answer to your question.
You may have already found a property in New York you love, and now you need to convince the seller not only with the price but also with your personality. In order to come out of the bidding war as a winner, and purchase the “NYC house/apartment for sale” of your dreams, you’ll need some strategy and an excellent “real estate broker near me.”
Before you decide to offer all the cash you have, make sure to do thorough research on the housing market in New York. This is also important for the house you’re bidding on. Make sure to have its value estimated so that you don’t pay too much over its real value. Even though your heart may be settled, it’s not the smartest idea to invest much more money even when the property’s value isn’t that high.
- Don’t go over your budget
Keep in mind that bidding wars can be tricky, and you should stop yourself from getting carried away. You will surely have the budget in your head, and even though it may be hard to resist on the NY apartment for sale of your dreams, don’t fall into a trap and bid the money that you don’t have.
- Cooperate with your real estate broker
Your chosen property broker nearby will be of big help when informing you about the offers of other buyers, estimation of the property value, and advice on how to proceed once the price gets changed. Having a reliable real estate agent close by is crucial if you want to have a chance of winning in a bidding war.
- Act interested
One of the worst strategies, in this situation, is to fake not being interested in the property. This will convince the seller to go with another buyer no matter the price. Show interest and convince the seller that you really care about the reality you want to purchase.
- Offer an odd number proposal
Even though it’s easier to propose a round number when bidding, it’s a better strategy to go with the odd number and offer, for example, 1.348.550$ instead of going with 1.350.000$ right away. It may not seem like a lot of money to save considering the price of the property, but rest assured that it will come in handy in the future.
- Stay flexible
When it comes to non-financial terms of, let’s say, an apartment for sale in Astoria (Queens) or any other property in different New York boroughs, sellers always appreciate the flexibility. You can show you’re willing to postpone the moving and let the seller stay in the apartment until he/she’s ready to move out. This will be really appreciated, and it may play a crucial role in the seller’s decision.
- Don’t avoid being personal with a letter
You shouldn’t underestimate the power of a personalized letter. Share your story with the seller and have him/her be a part of it. The letter may influence the choice and help you be the next proud owner of your dream property in NY.
Are Bidding Wars Coming to an End?
The recent research has shown that there’s less bidding war this year in comparison to the same period of last year. This may be due to the higher interest rates, but this also means that, for now, there are fewer competitor buyers on the property you have your eye on. Why not use this chance to buy a house in Astoria, or find nice Manhattan apartments for sale?
Even though the bidding was decreasing during the previous year, the interest rate has recently dropped, which means that bidding wars will probably become more and more frequent very soon.
Make sure to give your “AA Real Estate agents close to me” a call and choose among the apartments with the most astonishing cityscape views, or townhouses in small and quiet neighborhoods. Expect the unparalleled professionalism and efficiency, and have your house search taken care of no matter which borough or quart in the New York area you want to live in. Have a committed team of the nearest realty agents assisting you every step of the way.