In the Westchester Real Estate Market you run into all types of situations. A Property for sale in Scarsdale might be very competitive and have multiple bids on the first weekend. A property in Chappaqua might be on the market for 200 plus days without a bid. It’s all variable.
I had a situation this weekend that I have seen Multiple times. And it is a situation that makes me uncomfortable whenever it comes up.
I am a low-pressure salesman. I sell houses, not cars. If you came to me at a Honda Dealership because you were deciding between a Toyota Camry and a Honda Accord…I can talk you into the Accord. It’s a skill, I was born with it.
But I’m selling houses, not cars. There isn’t a person on earth I can talk into a buying a house. Consumers buy the home that fits them best. Period. What I sell, is the management of the transaction and facilitation of a Broker Commission Rebate. That’s all…
So naturally, I get very uncomfortable telling a client “You Need to Bid Today…and at Full Price”. It makes me feel like a car salesman. Or worse….like i’m selling a timeshare. But it doesn’t mean I’m lying either…
Here are situations where bidding quickly…and bidding high (At or over the Offering Price) is necessary:
-A home where the listing agent has called for ‘Best & Final Bids’
-A home listed within 72 Hours with Non-Stop Traffic
-A Home Priced artificially low compared to comps (as often happens with Relocations)
-A Home that already has an accepted offer, but contracts are not signed.
And that’s about it. I cannot think of another scenario where this bidding strategy might be necessary. But that doesn’t mean that the unscrupulous buyer’s agent won’t try to convince you otherwise.
Here are some cases where it is obviously unnecessary:
-A home that has been on the market 90+ days
-A home that has had numerous and frequent price cuts (an invitation for a low bid)
-A vacant home (another invitation for a low bid)
-New Construction after the build has started
The situation where a buyer needs to bid aggressively and quickly is rare, but the situation does still occur. Due to the new tax laws affecting property values in Westchester County, it is even rarer these days.
And if your real estate agent sounds like a car salesman, find another one!!!