When the property market was running hot, home buyers were quick to make the first bid at auction. But now, as the market cools, auctioneers are often met with silence.
when three interested buyers finally raised their hands. On realising their competition, they sent the price soaring another $200,000.
He said some buyers now prefer to hold back at auction, let a property pass in and then negotiate privately with the seller because it makes them feel like they are in a stronger negotiating position – even if that is not always the case.It can take time to draw out an opening bid.“As a buyer, you never want to pay more than what you need to, to buy a home, so there’s always that feeling of ‘I just want to make sure I don’t pay more than I have to’.
On the other hand, he also thought it was rational for a buyer to bid up the price once it became clear they faced competition.He advised home buyers to create a list of all the features they desire in a home, then only pay top price for something that ticked every box, and even ask a friend to come along and drag the bidder away from the auction once they hit top price in case the adrenaline becomes too much.
In a hot market, someone with a high budget who can see they face many competitors might start with a high price and raise it in jumps to signal to other bidders not to waste their time.
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