Learn how to bid at an auction (so you get your dream house)
Things will go fast and you need to be prepared. Getting the house could be the difference between five or 10 seconds. Make sure you’re fired up, with a coffee in hand if needed. House bidding wars: buying at auction. For some people, bidding at an auction for a house for sale in the Adelaide Hills comes naturally. For others, a strategy is required. Either way, let’s make sure you’re ready.
Your strategy for securing the Adelaide Hills real estate you want, at auction
Tip #1: Be prepared
First, make sure your home loan is pre-approved. This way, you know exactly how much you’ve got to work with – no more, no less. Decide on the price you can’t go above, so you don’t get tempted when you’re bidding. Do as much research as possible, particularly regarding a property valuer’s valuation range.
Tip #2: Visit multiple auctions
The more you bid, the better you’ll get at it. You don’t want to hit the ground bidding for your dream house. Go to as many auctions as you can, so you get familiar with the process. A little bit of experience can go a long way.
Tip #3: Bid early, go slow
Introduce yourself from get-go with a low bid. Take control of the situation and show everyone you’re serious. Go slow and don’t be afraid to draw out the process to put pressure on the seller to accept your price. If they really want to sell, they’ll take your offer. Be strong and assertive. Call out the whole dollar value. For example, shout ‘$605,000’, not ‘$600,000.
Tip #4: Learn about comparable sales
Got your eye on a certain area? A selling agent can provide information on past sales within a street. For example, learn about recent renovations to know your limitations regarding strata. Information like this might guide your decision as to whether it’s a good buy or not.
Tip #5: Use a real estate agent
Rely on the knowledge and experience of a buyer’s agent to help you through the auction process. If you’re really not comfortable bidding, an agent can do this, advocating for you. While your instincts help, it’s important to work with an agent’s advice and recommendations throughout the auction campaign.
If you’re looking for insider’s knowledge on auction rules in South Australia and house bidding tips, talk to us. With our team of real estate agents by your side, you’ll increase your chances of securing your dream house.
