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.
At last you’ve found the home. You’re ready to buy.
You’ve done your homework. You know how much it’s worth to you. You know it’s in your budget.
The auction gets underway.
Someone One tops you.
Someone Two tops them.
You bid again. You’re at your limit.
Someone One goes higher.
You’re thinking: “Do One and Two know more than me? Is it really worth more than I thought?”
You’re in again…
So it goes. The more you see what One and Two are ready to pay, the more value you see.
You go above where you wanted to be. To past where it makes sense.
Auctioneers will tell you it’s their great skills that push prices higher.
They’re wrong. It’s bidders pushing bidders.
You need some good advice about how you should bid.
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