Nowadays, it is now a challenge to find a home that you like in the suburbs, this is because majority of the buyers are looking to buy the same types of homes. According to Lou Young of CBS2, there are some things you could do if you find yourself competing with other buyers in the home you desire to have.
According to local real estate agents, any home buyers that are shopping to buy in the suburban parts of New York for their first or their new home then for this very hot season they must be prepared at all costs.
Nancy Elsas, a local real estate agent, said that in that part of New York the listing could be up on Friday and within two days of being in the market there will already be multiple bids looking to buy the same property.
Based on real estate experts in the area, the Westchester County is the toughest when it comes to bidding residential properties as it is considered the bidding war zone. This is because real estate agents are often setting up bait not just for a few numbers of prospect buyers but multiple of them.
David Turner, another local real estate agent, if the listing price is lower than usual then there is surely going to be a bidding war as multiple offer comes in to buy the property. Turner related how one house located in Bedford that he just sold has been tied to three prospect buyers. He warned that when it come to that point, buyers should not hold back in making deals to make sure they get it.
He admitted that there would be buyers calling him after the bidding war is over and would plead to bid higher because they were not able to during the discussion then it would be too late as the deal is already closed.
This is why it is important to bid as high as you want for a property that you know is located in a prime area. The same goes when bidding for properties in the East Coast real estate.