Lessons from a 5-Way Bidding War - in August!
Last week a colleague was involved in a five-way bidding war for a $2.5M Park Slope co-op. He was very surprised since this is one of the slowest times of the year.
Our intrepid friend’s clients had been outbid on several properties, so they’d taken a couple of months off from looking. When they sent this home to him out of the blue, he was determined that they would get it.
He checked recent sales and contracts for similar properties, and saw that on average they were going for 7% over the asking price. His clients offered 10% over, and the home is theirs.
Our three takeaways from this story:
“Slow” does not equal “dead.” Buyers are out there. A conversation we had yesterday with a mortgage banker friend confirmed this. He’s had a very busy week!
Listings that are priced to align with buyers’ perception of their value will sell. Yes, Park Slope is highly sought after, but if this home’s price was too ambitious, it would still be sitting on the market.
Serious buyers shouldn’t be complacent. You may have competition. If you find the home of your dreams, don’t dilly-dally. Put your best foot forward.
