Are there many sellers who will consciously “list it a little bit low”?  The hottest bidding wars are over the well-located houses that have many current upgrades – even those listed for retail.  P.S. This should be one of the last TV stories on bidding wars.


LARCHMONT, N.Y. (CBSNewYork) — It is getting tougher and tougher to find a home in the suburbs these days, with buyers going after all the same homes.

CBS2’s Lou Young had some tips Wednesday to proceed if you find yourself in a home buying bidding war.

Real estate agents said anyone shopping in the superheated New York suburban home market this season had best be prepared.

“Around here, you can get a listing on Friday, and by Sunday go to multiple bids,” said real estate agent Nancy Elsas.

Westchester County in particular is bidding war territory, with real estate agents setting the bait for multiple would-be buyers.

“I find that if you list it a little bit low, you’ll get multiple offers” and spark the war, said real estate agent David Turner.

One house in Bedford that Turner just sold went to sealed bids from three would-be buyers. Turner cautions people not to hold back when it gets to that point.

“I’ve had buyers call me after the conclusion of the bidding war and saying: ‘Can I go a little higher now? I’ve decided I really want it and I didn’t go high enough,’” Turner said. “Generally, there’s not that opportunity.”

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