Was this Buyers Agent clever or dumb?
- Thread starter Simon
- Start date
In a strong proeprty market or when bidding at anauction for a property that will be in high - demand as this one was- showing confidnce in your bidding is a powerful strategy.
Most of the registered biddeers were knocked out and others lost confidence and were rattled.
Hsi tactic worked and he also took the emotion out and stuck to his price - sounds like he didn't buy the property.
Most of the registered biddeers were knocked out and others lost confidence and were rattled.
Hsi tactic worked and he also took the emotion out and stuck to his price - sounds like he didn't buy the property.
Simon
Remember you don't know what the reserve is.
So you work out what you are prepared to pay - know your upper limit and then devise a stratgey to buy your property at the best price you can.
If you are an owner occupier buying your house, price is important, but not the only factor to consider.
Remember you don't know what the reserve is.
So you work out what you are prepared to pay - know your upper limit and then devise a stratgey to buy your property at the best price you can.
If you are an owner occupier buying your house, price is important, but not the only factor to consider.
Obviously, the opening bid of $900K wasn't enough as evidenced by the final result. The tactic of using a high intitial bid sounded like it had the desired effect, of knocking out those less financed buyers early on. As Michael has already mentioned, confident bidding can work well, especially when a limit has been definitely decided beforehand.
Home buyers can become emotional and overpay in any market, regardless of what information they have access to, including comparable sales and current market conditions.
Having had a recent client myself in this area, I know the particular street and can appreciate the fact that such a large block of land for a 1900 built character semi like this (422sqm) would have attracted a lot of interest. A very modern rebuilt house a few doors down, and on a much smaller block
(263sqm) managed to achieve a sale price of some $1.2mil recently so who's to say the reserve wasn't perhaps a little too low in the first place?
Home buyers can become emotional and overpay in any market, regardless of what information they have access to, including comparable sales and current market conditions.
Having had a recent client myself in this area, I know the particular street and can appreciate the fact that such a large block of land for a 1900 built character semi like this (422sqm) would have attracted a lot of interest. A very modern rebuilt house a few doors down, and on a much smaller block
(263sqm) managed to achieve a sale price of some $1.2mil recently so who's to say the reserve wasn't perhaps a little too low in the first place?
