“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.

The AuctionEither 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…

Winner’s Curse, The Smartest Bid, Fear Of Bid and more advice you shouldn’t be without. Are you ready?

3… 2… 1… 

 Morrell and Koren were Australia’s first home buyers’ advocates. 

At the top end, there’s hardly a home that we don’t know. 

Top End Trends is an insider’s view of the highs, the lows, the clever and the not so clever in all kinds of real estate and its buyers, sellers and (often) estate agents.

© Morrell & Koren Pty Ltd

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