At last! You’ve found it!

The home made just for you.

It has your name all over it. Now all you have to do is buy it.

There’s going to be an auction…

You do the numbers. You ask the agent what it will go for (it’s in your budget!). You check every nook, every cranny, every power point, every cupboard. You get it inspected. No stone unturned.

Comes the day. You’re ready. Ready for anything.

“Do I hear …?”

You’re knocked out at the first bid. A developer is going to knock your house down.

But, but, but…

The agent said it wouldn’t go higher than…

It starts to sink in.

The agent wanted you there. Wanted a heap of bidders to impress the seller and to suggest that bidders had to go hard. You were just a bit player.

Sorry.

That’s one Nobel Lesson

The Nobel Memorial Prize for Economics has been awarded for insights including what happens when you’re bidding on a home — in auctions, private sales and Expressions of Interest.

Auctioneers will tell you it’s their great skills that push prices higher.

They’re wrong. It’s bidders pushing bidders.

What now?

You need some good advice.

That’s easy…