You (exceedingly patient) long-time readers know that I approve of bidding wars for a number of reasons, first and foremost of which is that they indicate extreme market enthusiasm. Another positive feature is that they create a “spin-off” effect: all the participants who didn’t get the house are now really, really primed to get the next one! They’ve now learned their lesson, that if you really want a house, don’t be hesitant, be bold. Raise your price, drop your contingencies.
Of course, they’re also ticked off and may well blame their broker for losing the house, so the trick for the broker is to hold on to them through the (bidding war) process and then, sell them something else.
So far this year there have been far too few bidding wars (that I’m aware of), but here are two properties that went “several hundred thousand” over their asking price. When they close, I’ll post an update.
P.S. These happen to be Riverside examples, but I’m happy to say, mid-country Greenwich is also selling well lately.