How do I win a bidding war on Long Island?
In Nassau and Suffolk right now, many homes sell at or above list price, so plan to compete. The offers that win are not always the highest: they come with a full pre-approval, a plan for an appraisal gap, an attorney ready to move, flexible timing and few surprises. In New York an accepted offer is not binding until both sides sign the contract, so speed after acceptance matters as much as the number.
What the numbers say
In August 2026, Suffolk sellers received a median of 102.2% of their original list price and Nassau sellers 100.5%, based on OneKey MLS data. Redfin's three-month figures showed roughly 53% of Nassau sales and 64% of Suffolk sales closing above list price. Inventory remained tight in both counties.
These are county-wide figures. Some towns and price ranges are more competitive than others, and every home is different.
What makes an offer stronger than price alone
A full pre-approval from a lender who has reviewed your income, assets and credit, not just a pre-qualification.
Proof of funds for your down payment and closing costs.
An appraisal-gap plan: how much you could add in cash if the appraisal comes in below your price.
A real estate attorney lined up who can review the contract within a few days.
Flexible timing, such as matching the seller's preferred closing date.
Clean terms with only the contingencies you actually need.
How offers work in New York
On Long Island, an accepted offer is a verbal agreement. The home inspection usually happens next, before anyone signs. The attorneys then draft and negotiate the contract. The deal becomes binding only when both buyer and seller sign it, and the buyer typically puts down a deposit (often up to 10%) held in escrow.
Until the contract is signed, the seller can accept another offer and the buyer can walk away. Moving quickly on the inspection, attorney review and mortgage application protects your deal.
What not to give up
The inspection. On Long Island it is usually done before the contract, so you can renegotiate or walk away based on what it finds.
Your mortgage contingency, unless you can close in cash. It typically gives you 30 to 45 days to get a loan commitment.
Your budget. Decide your maximum monthly payment before the bidding starts, including taxes and insurance.
Skip the letter to the seller
Personal letters to sellers can raise fair housing concerns, and many listing agents will not pass them along. Let the terms of your offer do the work.
Should I offer over the asking price?
Base your offer on recent comparable sales and your budget, not only the list price. Some homes are priced to draw multiple offers; others are priced high. Your agent should show you the comparable sales before you decide.
Can the seller take another offer after accepting mine?
Yes. In New York an accepted offer is not binding until both sides sign the contract, and the seller can keep receiving offers until then.
What does "highest and best" mean?
The listing agent is asking every buyer to submit a single, final offer by a deadline. Put your full price and terms in that offer; there may not be another round.
Vladimir Reyes Fuentes, Licensed Real Estate Salesperson, Khan & Sons Realty LLC, 1025 Old Country Rd, Suite 225, Westbury, NY 11590. (516) 595-5932. Serving Nassau & Suffolk Counties.