How to Win a Bidding War in NYC Real Estate
You found the one—the home you can picture yourself living in for years to come. But there’s a problem: So did 10 other buyers.
The NYC real estate market moves fast, and the last thing you want is to lose your dream home because you made a weak or poorly timed offer. The good news? With the right strategy, you can stand out from the competition and secure the keys to your new home—without overpaying.
As a licensed real estate professional with Pen Realty and a proud member of REBNY & BNYMLS, I’ve helped countless buyers win competitive bidding wars. Here’s how you can, too.
3 Ways to Make a Strong, Competitive Offer
1. Get Pre-Approved (NOT Pre-Qualified!)
A seller wants to know they’re accepting an offer from a serious buyer. A pre-approval letter from a reputable lender tells them you have the financing to back up your offer. According to The Wall Street Journal, sellers are far more likely to accept an offer with a strong pre-approval over one that’s just pre-qualified.
Tip: Get your pre-approval before you even start house hunting—it’ll save you time and put you ahead of other buyers.
2. Make a Competitive Bid
You want a great deal—but going in too low can take you out of the running before you even begin. Research recent sales, market trends, and comparable properties to ensure your offer is competitive but not reckless.
The New York Times recently reported that underpricing in NYC bidding wars often leads to losing a home by just a few thousand dollars—don’t let that happen to you!
3. Add a Personal Letter
Numbers matter, but emotions play a role, too. If a seller has lived in their home for years, they may care about who is buying their home just as much as the price.
💡 Pro Move: Write a heartfelt letter explaining why you love the home and how you see yourself living there. It could be the difference between winning and losing the bid.
Checklist for Buyers:
✔️ Get pre-approved before house hunting
✔️ Work with an agent to research market value
✔️ Be prepared to act fast in a competitive market
✔️ Consider adding personal touches to strengthen your offer
Pro Tip – What NOT to Do When Making an Offer
DON’T wait too long. In NYC, a delay of even a few hours could mean missing out.
DON’T get too emotionally attached before your offer is accepted. Have a backup plan!
DON’T ignore contingencies. Make sure your offer includes protection in case of inspection issues.
Need a customized home-buying strategy? Let’s talk! Book a FREE buyer consultation at PenRealty.net.
Have questions about making offers? DM me on Instagram @PeterManciniPenRealty—I’m here to help!
Have you ever been in a bidding war? What happened? Let’s talk about it in the comments!
Next up: Home Inspections – The Deal Breakers & How to Negotiate Repairs! Stay tuned!
