Expert tips for winning a bidding war + Upcoming open houses include a Village townhouse at 44% off

By Cait Etherington | From Get To Know Saturday, March 8, 2025

119 Waverly Place, #34 (Compass)

Whether you're buying a luxury condo or an entry-level co-op, bidding wars have become common for approachably-priced units in sought-after locations. While elevated interest rates have priced out some buyers, in some markets they’ve only made bidding wars less intense—not eliminated them altogether. As more people have turned to renting instead of buying, a new challenge has emerged: bidding wars in the rental market. This article explores how to win a bidding war, whether you're buying or renting, and more importantly, how to avoid getting caught in one in the first place.

Bidding Wars on the Buying Side of the Market

When you're looking to buy a property in a high-demand and low-inventory market, bidding wars are often a factor with which you must contend. Unique to the pandemic market has been the number and intensity of bidding wars.

Early in the pandemic, as many New Yorkers fled the city, bidding wars surged over suburban homes and rural properties. As time went on, they became common in popular Brooklyn neighborhoods, with buyers seeking larger apartments and townhouses. Since 2022, rising mortgage rates have made bidding wars less frequent. However, activity has picked up in recent months, and new supply—especially in Manhattan—remains limited. As buyers adjust to higher rates and the rental market stays red-hot, competition for well-priced units in prime locations is expected to intensify. So, how do you win a bidding war??

#1. Bid high, but not over your threshold or the home’s appraised value

Don't go bargain hunting if you're likely to face a bidding war. Under-bidding won't get you anywhere. That said, also avoid going to the opposite extreme and bidding well over the asking price. If you do and you require financing, you may not be approved, even if you previously prequalified.

#2. Consider writing a homeowners’ “love letter”

As stated on the National Association of Realtors' (NAR) website: “To entice a seller to choose their offer, buyers sometimes write ‘love letters’ to describe the many reasons why the seller should ‘pick them.’” Some families go further, including pictures and even video testimonies of their families. While they may appear harmless, as the NAR further notes, “these letters can actually pose fair housing risks because they often contain personal information and reveal characteristics of the buyer, such as race, religion, or familial status, which could then be used, knowingly or through unconscious bias, as an unlawful basis for a seller’s decision to accept or reject an offer.” In fact, buyers’ love letters are so controversial that in recent years several states, including Oregon, Washington, and California, have imposed bans on the letters. However, in March 2022, a federal judge overturned the state bans, concluding that banning buyers’ love letters violates First Amendment rights. So, do they work? In the case of a multi-offer situation, the reality is that a personal appeal to the owner can be a criteria factor.

#3. Let the seller set the timeline for closing

Although some advice on how to win a bidding war on a home suggests waiving contingencies (e.g., your home inspection or financing contingency), waiving contingencies designed to protect you and your money is never advisable. In most cases, potential buyers do this to ensure a quick close. A better strategy is to maintain all the contingencies in your contract but commit to the fastest possible close. After all, most sellers' are eager to close as soon as possible. If the seller, however, needs more time, also agree to work with the timeline. Letting them move out when they are ready (e.g., when they have found a new home) is another great way to secure a home when facing tough competition from other buyers.

#4. Look for whisper listings

The best way to win a bidding war is to never enter one in the first place. In fact, this is one of the reasons that whisper listings or pocket listings have become increasingly popular over the past two years. In a nutshell, these listings are never publicly listed (e.g., on the MLS), and as a result, attract fewer buyers, reducing the likelihood of a multi-offer situation.

View from Chelsea Mews, #PH12C (Serhant)

Bidding Wars on the Rental Side of the Market

As buying a home becomes more difficult due to higher interest rates, strong demand, and low inventory, it is no surprise that the demand for rental units is also surging, and this is creating bidding wars on the rental side of the market. In fact, according to Douglas Elliman's January 2025 Market Report, "The market share of bidding wars rose to 31.4%, a new high, up from 20.5% in the same period last year.". For renters, finding and securing an apartment isn't the only challenge. As bidding wars heat on the rental side of the market, brokerage fees are also surging.

After attempts by the city and state to ban brokerage fees in cases where brokers are representing a landlord (the state regulation was quickly overturned after the Real Estate Board of New York and the New York State Association of Realtors filed a lawsuit) brokers are reporting some of the highest fees ever on rentals. According to one account, some brokers are now charging renters as much as 18-20% of the first year’s rent to help secure a unit (in the past, the average has been closer to 8.5%, with high brokerage fees peaking around 15%).

Unsurprisingly, the current situation is leading many renters to adopt strategies not unlike that of desperate buyers (e.g., offering to pay more than the asking price, renting apartments that haven't yet gone on the market and renting apartments site unseen and writing renter "love letters"). There are also a few other things one can do to win a bidding war on the rental side of the market.

#1. Get your paperwork in order and bring it to the open house

In today's rental market, no one has time to wait for a prospective tenant to get their paperwork together. If you're on the rental market, know your price range (remember that it will be tough to rent anything that exceeds a third of your monthly income) and come in with proof you are making what you claim to be making. Among other things, be prepared to share your recent tax records with W2s or 1099s, recent paystubs, and potentially even bank statements. Having all this paperwork on hand and ready to hand over at a showing is a great way to get to the front of the line.

#2. Create a renter resume

In addition to showing up with your required financial paperwork in order, create a renter resume, essentially a one- to two-page overview listing all your addresses in recent years with contact information for all your past landlords and other pertinent information (e.g., your current employer, length of employment, etc.). It's not a requirement, but most landlords and management companies—not to mention the brokers who will present your case to these owners—will appreciate the effort to be fully transparent.

#3. Show up as a model tenant

Although subject to ongoing debate, in most cases, landlords can reject tenants with pets or certain types of pets (e.g., dogs over 20 pounds), unless the pet is a service animal. Likewise, landlords have considerable leeway to select tenants for other reasons (e.g., to rent to a librarian with a full-time position over a self-employed drummer). The more you can do to show looking like a model tenant, the better off you'll be.

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Discounted listings with open houses that just might spark a bidding war

In New York City, Sunday. March 8 will be mostly sunny with a high near 51°F, though isolated showers are possible between 10 AM and 4 PM. Southwest winds will range from 9 to 15 mph, with a 20% chance of a shower. Don’t forget to turn your clocks forward one hour for Daylight Saving Time!

100 Remsen Street, #5H
$419,000 (-6.7%)

Brooklyn Heights | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, March 9

100 Remsen Street, #5H (Corcoran Group)

From the Listing: Welcome to this expansive, light-filled one bedroom in the heart of Brooklyn Heights on Remsen and Henry Street in a mid-century co-op. It could be a perfect primary residence or pied-a-terre for an ALL CASH BUYER. Tree-line views on the fifth floor of this elevator building flood the apartment with light. The living room is spacious, with built-in shelving, a charming corner window, and with room for a dining area. See floor plan and full details here.

The Penny Lane, #101
$675,000 (-8.2%)

Gramercy Park | Cooperative | 1 Bedroom, 1 Bath
Open House: Sunday, March 9

The Penny Lane, #101 (Compass)

From the Listing: This stunning triplex loft residence boasts a meticulous renovation, featuring elegant cherry hardwood floors, central A/C, and a built-in Bose audio system throughout. The kitchen is a chef's dream featuring a marble-topped center island, custom cherry wood cabinets, a Bertazzoni oven, Liebherr refrigerator, and a stylish tiled backsplash. The ceiling soars to an impressive 12'9", adding to the loft’s airy feel. The main level also includes the bathroom complete with a luxurious shower, designer tiles, and a slate floor. See floor plan and full details here.

Majestic Towers, #5B
$700,000

Broadway Corridor | Cooperative | 1 Bedroom, 1 Bath

Open House: Sunday, March 9

Majestic Towers, #5B (Douglas Elliman Real Estate)

(Common Terrace)

From the Listing: Cherrywood cabinetry in the windowed eat-in Kitchen lends a feeling of coziness and warmth. Other features include a cooktop with separate wall mounted oven, DW, side by side GE monogram frig, loads of storage, and spacious Walk-In Pantry Closet.LR offers custom cabinetry, Brazilian Hardwood floors, N&E facing windows and curated lighting. See floor plan and full details here.

575 Fourth Avenue, #6A
$870,000 (-8.3%)

Park Slope | Condominium | 1 Bedroom, 1 Bath | 670 ft²

Open House: Sunday, March 9

575 Fourth Avenue, #6A (Brown Harris Stevens Residential Sales LLC)

From the Listing: Statue of Liberty and New York Bay Views Rarely available corner 1 bedroom/1 bath home with private wrap around balcony, floor to ceiling windows, ample closets, in-residence washer and dryer, and generously-sized living area. See floor plan and full details here.

Hudson View Gardens, #D11
$755,000 (-2.6%)

Washington Heights | Cooperative | 2 Bedrooms, 1 Bath | 1,000 ft²

Open House: Sunday, March 9

Hudson View Gardens, #D11 (Brown Harris Stevens Residential Sales LLC)

From the Listing: D11 is a spacious 2-bedroom apartment located in historical Hudson View Gardens. This gem is nestled within 5 acres of beautifully manicured gardens and pristine grounds. It is truly a rare find. This special apartment has both East and West exposures allowing for a wonderful cross breeze, as well as light throughout the day. See floor plan and full details here.

330 Third Avenue, #2C
$950,000 (-13.6%)

Gramercy Park | Cooperative | 2 Bedrooms, 2 Baths | 1,100 ft²

Open House: Sunday, March 9

330 Third Avenue, #2C (Brown Harris Stevens Residential Sales LLC)

From the Listing: Rarely available 1100 square foot C-line corner two bedroom/two bathroom. This property has an oversized northeast living/dining room, seven closets and 11 windows throughout. The walk through windowed galley kitchen can be opened to make a dining counter, making it perfect for all your entertaining needs. See floor plan and full details here.

The Forum, #503
$998,000 (-5%)

Central Park West | Condominium | 1 Bedroom, 1 Bath | 825 ft²

Open House: Sunday, March 9

The Forum, #503 (Corcoran Group)

From the Listing: Rare condominium Loft on Manhattan's Upper West Side. Soaring 11'8" beamed ceilings and incredible oversized windows define this unique loft. Situated on a quiet, tree-lined street, this sun-filled and cheerful apartment offers views of the neighboring architecture. See floor plan and full details here.

124 East 84th Street, #8D
$999,000 (-8.8%)

Carnegie Hill | Cooperative | 2 Bedrooms, 1.5 Baths

Open House: Sunday, March 9

124 East 84th Street, #8D (Compass)

From the Listing: Beautiful 2 bedroom 1.5 bath home in an elegant boutique pre-war co-op building. This south facing home gets amazing light all day and has city views from every room. The apartment features high beamed ceilings and hardwood plank floors throughout. The spacious living room easily accommodates separate living and dining areas. See floor plan and full details here.

The Club at Turtle Bay, #18E
$1,300,000 (-3.7%)

Turtle Bay/United Nations | Condominium | 2 Bedrooms, 2 Baths | 1,040 ft²

Open House: Sunday, March 9

The Club at Turtle Bay, #18E (Brown Harris Stevens Residential Sales LLC)

From the Listing: This is a unique corner split two bedroom two bathroom home currently available on the 18th floor of the Club at Turtle Bay Condominium. Upon entering, you will be greeted by a spacious foyer that leads into a generous living and dining area, offering breathtaking open North West Manhattan skyline views. The living area also provides access to a west-facing balcony, perfect for enjoying sunsets. See floor plan and full details here.

New West, #11H
$1,649,000 (-4.4%)

Riverside Dr./West End Ave. | Condominium | 2 Bedrooms, 2.5 Baths

Open House: Sunday, March 9

New West, #11H (Brown Harris Stevens Residential Sales LLC)

From the Listing: Step into this rarely available H line apartment that perfectly blends comfort and elegance. This brilliant two-bedroom, 2.5-bath residence features large windows facing both east and north, flooding the space with natural light throughout the day. The oversized living room with a corner wall of windows and a wrap balcony also has a separate dining area. See floor plan and full details here.

Carlton Regency South, #2C
$999,000 (-23.1%)

Murray Hill | Cooperative | 2 Bedrooms, 1 Bath

Open House: Sunday, March 9

Carlton Regency South, #2C (Corcoran Group)

From the Listing: 137 East 36th Street! Apt. 2C has a HUGE outdoor terrace: nestled in the vibrant Murray Hill / Kips Bay Manhattan neighborhood. Fall in love with the luxury of this exceptional residence featuring an exceedingly unique feature-- a sprawling 35 foot by 20-foot private terrace; YOURS ALONE.no-smoking building. Pets are not permitted. See floor plan and full details here.

505 W 43, #6A
$1,000,000 (-16.3%)

Midtown West | Condominium | 1 Bedroom, 1 Bath | 764 ft²

Open House: Sunday, March 9

505 W 43, #6A (Compass)

From the Listing: Welcome to Residence 6A at Charlie West – This spacious 1-bedroom, 1-bath home offers an exceptional living experience, with a 20-foot deep living room that’s flooded with natural light from floor-to-ceiling windows. The modern Scavolini kitchen is equipped with premium appliances, while generous oversized closets provide plenty of storage space. See floor plan and full details here.

254 Park Avenue South, #6C
$1,299,950 (-13.3%)

Flatiron/Union Square | Condominium | 1 Bedroom, 1 Bath | 669 ft²

Open House: Sunday, March 9

254 Park Avenue South, #6C (Douglas Elliman Real Estate)

From the Listing: Nestled in the heart of Flatiron on Park Avenue South, this loft-like 1 bedroom, 1 bath residence combines pre-war charm with contemporary luxury in one of Gramercy's most coveted full-service condominiums. Perched on the sixth floor, this home is designed to impress with soaring 11-foot ceilings and six oversized windows that flood the space with abundant southeastern light. See floor plan and full details here.

Chelsea Mews, #PH12C
$1,475,000 (-10.6%)

Chelsea | Cooperative | 1 Bedroom, 1.5 Baths

Open House: Sunday, March 9

Chelsea Mews, #PH12C (Serhant)

From the Listing: Welcome to PH12C at 148 West 23rd Street, a stunning loft in the heart of Chelsea's iconic Chelsea Mews. This bright and airy 1-bedroom, 1.5-bathroom duplex features 11-foot ceilings and oversized south-facing windows that flood the space with natural light, offering open city views. The expansive private terrace, with southern, eastern, and western exposures, provides sweeping vistas of lower Manhattan and is a serene escape perfect for relaxing or entertaining. See floor plan and full details here.

400 East 59th Street, #15F
$1,595,000 (-11.1%)

Beekman/Sutton Place | Cooperative | 2 Bedrooms, 2 Baths

Open House: Sunday, March 9

400 East 59th Street, #15F (Nest Seekers LLC)

From the Listing: Impeccably renovated, designer owned home for the most discerning client. Perched on the 15th floor of a lovely prewar co-op. This corner sun-filled home offers you spectacular views from all windows on the Northern, Eastern and Southern sides. This spacious, unique townhouse-like two-bedroom, two-bathroom home underwent a total gut renovation by a renowned interior designer who chose super high-end materials and finishes found in 10 million dollar homes. See floor plan and full details here.

301 East 50th Street, #9C
$2,275,000 (-8.8%)

Turtle Bay/United Nations | Condominium | 2 Bedrooms, Unknown Baths | 1,459 ft²

Open House: Sunday, March 9

301 East 50th Street, #9C (Sothebys International Realty)

From the Listing: Experience luxurious living in this spectacular two-bedroom, two and half bath corner oasis in the vibrant neighborhood of Turtle Bay. Spanning an impressive 1,459 square feet, this elegant residence boasts 5" wide plank solid oak wood floors, 10' ceilings, and abundant custom fitted closets throughout. See floor plan and full details here.

Manhattan House, #B205
$2,288,000 (-4.6%)

Lenox Hill | Condominium | 3 Bedrooms, 2 Baths | 1,450 ft²

Open House: Sunday, March 9

Manhattan House, #B205 (Compass)

From the Listing: Spectacular converted three bedroom with two bathroom residence with Southern and Western exposures. The living area is perfect for entertaining, with room for a separate dining area and a large foyer with room for a desk. See floor plan and full details here.

The American Thread Building, #4G
$2,795,000 (-15.2%)

Tribeca | Condominium | 3 Bedrooms, 2 Baths | 1,450 ft²

Open House: Sunday, March 9

The American Thread Building, #4G (Corcoran Group)

From the Listing: This stunning Tribeca apartment is a rare find in one of the most iconic buildings in New York City. Offering a blend of historic charm and modern luxury, perfect for anyone looking to enjoy upscale city living. Boasting three spacious bedrooms and two bathrooms, this meticulously maintained home is ideal for those seeking ample space in a vibrant neighborhood. See floor plan and full details here.

The Cass Gilbert, #PHA
$4,000,000 (-19.2%)

Chelsea | Condominium | 3 Bedrooms, 3.5 Baths | 2,988 ft²

Open House: Sunday, March 9

The Cass Gilbert, #PHA (Coldwell Banker Warburg)

From the Listing: Penthouse A at 130 West 30th Street, located in the landmarked Cass Gilbert condominium in Chelsea, is an exquisite 3-bedroom, 3.5-bath duplex with loft-like features and a private terrace. This expansive residence, spread across the 19th and 20th floors, offers nearly 3,000 square feet of luxury living. The home features 11-foot beamed ceilings and exposures to the north, south, and east, filling it with natural light. See floor plan and full details here.

131 East 38th Street, #TH
$4,499,999 (-9.1%)

Murray Hill | Townhouse | Studio | 4,250 ft²

Open House: Sunday, March 9

131 East 38th Street, # (EXP Realty NYC)

From the Listing: Discover the charm and versatility of 131 E 38th St, a stately 5-story townhome located in the heart of Murray Hill. Rich in character and brimming with possibilities, this property is perfect for those looking to create their dream home or invest in a prime Manhattan location. Currently configured as a single-family residence with a thriving garden-level dental practice that generates a 6 figure net annual income for the residential owner, this property offers a unique blend of personal living space and professional opportunity. See floor plan and full details here.

One Prospect Park West, #6G
$5,695,000 (-12.3%)

Park Slope | Condominium | 4 Bedrooms, 3.5 Baths | 2,458 ft²

Open House: Sunday, March 9

One Prospect Park West, #6G (Corcoran Group)

From the Listing: Welcome to 1 Prospect Park West 6G, an exceptional 2,458sf four-bedroom home in the heart of historic Park Slope, nestled within the timeless architecture of the beloved full service boutique condo building One Prospect Park West. This exquisite residence, recently designed by renowned Seattle-based interior designer Heidi Caillier and featured in Architectural Digest, offers a harmonious blend of historic grandeur and modern luxury. Situated at the prestigious crossroads of Prospect Park and Grand Army Plaza, this home embodies unparalleled craftsmanship with a perfectly executed modern classic aesthetic. See floor plan and full details here.

114 Liberty Street, #7
$5,999,000 (-7.7%)

Financial District | Condominium | 6+ Bedrooms, 4.5 Baths | 5,400 ft²

Open House: Sunday, March 9

114 Liberty Street, #7 (Compass)

From the Listing: Welcome to your spacious and timeless, 14-room, 5,400-square-foot full-floor sanctuary! This grand home offers a contemporary fully equipped kitchen, six bedrooms, four full bathrooms, and one powder room. Additionally, it features a windowed corner library, a windowed breakfast room, a separate home gym, private laundry, and an extra-large private storage room off of the private foyer. See floor plan and full details here.

119 Waverly Place, #34
$6,495,000 (-43.5%)

Greenwich Village | Cooperative | 4 Bedrooms, 4 Baths | 3,600 ft²

Open House: Sunday, March 9

119 Waverly Place, #34 (Compass)

From the Listing: This magnificent duplex in a gorgeous 23 foot wide townhouse in the heart of Greenwich Village resides on Waverly Place just off Washington Square Park and across the street from the iconic Babbo Restaurant. It is a sprawling 4-bedroom floor-thru (approximately 88 feet long) with two massive living rooms, a formal dining room, and a custom wooded den. Most rooms in this home have deco fireplaces and the prewar details are delightful.Ceiling heights are approximately 10 foot high, central air, custom baths with artistic tile from Anne Saks, W/D's on both levels, hardwood floors, and to top it off, this home boasts an incredible private plantable roof deck with open views to the Empire State Building! See floor plan and full details here.

The Centrale, #64
$6,895,000 (-13%)

Midtown East | Condominium | 3 Bedrooms, 3 Baths | 2,756 ft²

Open House: Sunday, March 9

The Centrale, #64 (Douglas Elliman Real Estate)

From the Listing: Immediate Occupancy. Privacy is ensured in this Champalimaud designed full-floor tower residence at The Centrale, offering iconic landmark views such as Central Park, the Chrysler Building, and the East River through 10' floor-to-ceiling windows. See floor plan and full details here.

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

Read Full Bio | Contact Cait Etherington

This is your member's center

In this article:

Bidding Wars on the Buying Side of the Market

#1. Bid high, but not over your threshold or the home’s appraised value

#2. Consider writing a homeowners’ “love letter”

#3. Let the seller set the timeline for closing

#4. Look for whisper listings

Bidding Wars on the Rental Side of the Market

#1. Get your paperwork in order and bring it to the open house

#2. Create a renter resume

#3. Show up as a model tenant

Select which properties are of interest to you:

Discounted listings with open houses that just might spark a bidding war

100 Remsen Street, #5H
$419,000 (-6.7%)

The Penny Lane, #101
$675,000 (-8.2%)

Majestic Towers, #5B
$700,000

575 Fourth Avenue, #6A
$870,000 (-8.3%)

Hudson View Gardens, #D11
$755,000 (-2.6%)

330 Third Avenue, #2C
$950,000 (-13.6%)

The Forum, #503
$998,000 (-5%)

124 East 84th Street, #8D
$999,000 (-8.8%)

The Club at Turtle Bay, #18E
$1,300,000 (-3.7%)

New West, #11H
$1,649,000 (-4.4%)

Carlton Regency South, #2C
$999,000 (-23.1%)

505 W 43, #6A
$1,000,000 (-16.3%)

254 Park Avenue South, #6C
$1,299,950 (-13.3%)

Chelsea Mews, #PH12C
$1,475,000 (-10.6%)

400 East 59th Street, #15F
$1,595,000 (-11.1%)

301 East 50th Street, #9C
$2,275,000 (-8.8%)

Manhattan House, #B205
$2,288,000 (-4.6%)

The American Thread Building, #4G
$2,795,000 (-15.2%)

The Cass Gilbert, #PHA
$4,000,000 (-19.2%)

131 East 38th Street, #TH
$4,499,999 (-9.1%)

One Prospect Park West, #6G
$5,695,000 (-12.3%)

114 Liberty Street, #7
$5,999,000 (-7.7%)

119 Waverly Place, #34
$6,495,000 (-43.5%)

The Centrale, #64
$6,895,000 (-13%)

This is your member's center

In this article:

Bidding Wars on the Buying Side of the Market

#1. Bid high, but not over your threshold or the home’s appraised value

#2. Consider writing a homeowners’ “love letter”

#3. Let the seller set the timeline for closing

#4. Look for whisper listings

Bidding Wars on the Rental Side of the Market

#1. Get your paperwork in order and bring it to the open house

#2. Create a renter resume

#3. Show up as a model tenant

Select which properties are of interest to you:

Discounted listings with open houses that just might spark a bidding war

Select which properties are of interest to you:

Listings in this article

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