Bidding Wars, Yup!

I had this experience this week.  A property came on the market,  priced right, staged, in the right community. Multiple good offers.

Although official numbers are not yet tallied for the first quarter of 2008, the slowness in the market that began to take hold last year "is really here in Westchester now in a serious way," said P. Gilbert Mercurio, the chief executive of the Westchester County Board of Realtors.

Bidding wars may be anomalous in this environment, but they do happen. Mr. Mercurio is one of several experts who theorize that multiple bids result from a combination of shrewd pricing and falling inventory levels, as some sellers take their homes off the market and others hold off putting theirs on.

"With the supply limited," he said "people are competing hard for the few properties that are exceptional," and the owners of those properties have sized up the market realistically in pricing their homes.

From the New York Times, here.