“I’m bidding. I’m scared.”

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

First question: What are you afraid of?

Missing out? Paying too much?

They’re related. You’re scared you’ll miss out and then that you’ll put in a bid that is too high. That you’ll pay too much.

Either way, you lose.

The Nobel researchers showed that it’s when you have too little information that worry creeps in.

If it’s an open auction you can see what others are bidding. If it’s Expressions of Interest or a private sale, you may never know.

Then what is the right price?

One clue: It’s not what anyone else is ready to fork up.

This is a market of One: You.

Before you do anything, you need to work out what your limit is and how much that home is worth to you.

Nerves? Will you need to deal with them? There are ways.

You need some good advice.

That’s easy…