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The psychology of bidding in 5k (or other) increments

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    #122
    mcsean2163
    Registered Users Posts: 1,839 ✭✭✭mcsean2163


    Just wondering if it's better to bid by 4% over bidder or a lower percentage for homes in the 800k bracket?


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    #123
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    mcsean2163 wrote: »
    Just wondering if it's better to bid by 4% over bidder or a lower percentage for homes in the 800k bracket?

    Forget that nonsense. You need to work out what the house is worth to you and what the current level of bidding is and then develop a bidding strategy. Every bidding process is different. Some owners hold out for too much, others take a lower price for a cash bid. It is better not to be seen to be a messer. Stick to reasonable increments in round figures.


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    #124
    Alkers
    Registered Users Posts: 6,830 ✭✭✭Alkers


    mcsean2163 wrote: »
    Just wondering if it's better to bid by 4% over bidder or a lower percentage for homes in the 800k bracket?

    How many other bidders is there? If it's you and one other bring on the mind games, otherwise just place one bid and wait until the price goes above your budget or there's only you and one other party left


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    #125
    mcsean2163
    Registered Users Posts: 1,839 ✭✭✭mcsean2163


    Alkers wrote: »
    How many other bidders is there? If it's you and one other bring on the mind games, otherwise just place one bid and wait until the price goes above your budget or there's only you and one other party left

    There's apparently one other party.


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