If you have found the dream house, you may want to chalk with some extra tens of thousands.
Once you have found an apartment that meets your requirements and you have the financing ready, the challenge is to win the bid round.
Since bidding is often fast, it may be crucial to have a strategy in advance.
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Consider the competition
The first thing you do is to see the competition on the view.
– My tip is to go to the public view and see how many people are there. This way you can chart how big the competition will be, “says Kurt Helge Frafjord, General Manager of Active Property in Stavanger..
If there are few people on display, there is a greater likelihood that it will go your way and you may have some ice cream in your stomach. If there are people who are there, you can expect the bidding round to go high and then it’s a good idea to get on the pitch quickly, he thinks.
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Go straight to top
Have you found the dream home, it might be smart to cherish.
– Is it full on display, there is no doubt that it may be advisable to put on a few tens of thousands of prize bidding at first bid. Is it a home you really want, you can bid what you’ve set as your upper limit right away, and bet that it will scare away your competitors, says Frafjord.
It is, however, uncommon to lay down too low, even if you are out first.
Tip before bidding round:
* Finish Financing
Decide how much you can borrow before you go into bidding rounds.
* Have an upper limit
Before you go to town, set a limit to how much you can afford to go and stick to it. Remember: You should not only afford to buy the home, you can afford to live in it too.
* Use time
Do not be too busy. Then you can sit with an apartment you should not have bought.
* Be critical
Be critical and ask a lot of questions to the seller and broker during the viewing.
* There are many dream homes
Have you found the home you’ve always dreamed of? Keep in mind that it’s hardly so unique that you will not find more. It’s seldom a smart starting point for a bidding round that you want the house at all costs, unless your wallet allows it.
– You only attract more potential buyers in the bid round, “says Frafjord.
The Nuts Debutants
A bid situation is almost always characterized by quick deadlines and short decision time for both seller and buyer.
Therefore, it is important that you have mapped your financial framework before entering a bidding round.
– First-time buyers usually have restrictive funds, and are therefore more keen on the bidding than those who buy their second home, is the experience of Broker Trond Ødegård at Krogsveen, Nordstrand Department in Oslo.
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Set an upper limit
– Is it a home you really want to go to – and then maybe it’s not so important if it goes for a little more than you’d hoped. However, everyone should set an upper limit for how much they are willing to go before the bidding round starts, Ødegård.
Do not press
Also, Kurt Helge Frafjord in Stavanger recommends that you decide on an upper limit for what you are willing to pay.
– It’s important that you as a buyer have set you a limit to how much you’re willing to go since it’s easy to get torn in an intense betting round – especially if it’s a home you’re very interested in. But do not push to give higher bids than you have a financial framework for, advises Frafjord.
Bidding Round Tips
You may want to be the one who gives the first bid. It’s not good to sit on the fence and wait, so you’re falling outside right away, according to Trond Ødegård.
– A trick can be to bid out of the highest bid, not just raise to the nearest 5000 or 10,000. It signals that you really want the home, and many competitors will be scared away by the high increase, he says, but emphasizes that there is no fascination, each one has to make his own tactics.
– A bidding round is about emotions and psychology. We brokers do not know who’s really wanting the home, but we’ll see who’s shaking off, “said the broker..
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Lets tear away with
Ødegård says that he often meets people who can tear up and bid higher than they really intended.
– Especially those who are going to expand into a larger home that can be torn apart, not the first-time buyers, they stay within the limit they have set. Many people forget that they will have the money to live too, not just to live. But it’s different what you think is okay.
On Nordstrand in Oslo, there are special housing up to 6 million that go well beyond the price.
– There is a price many can afford, and housing in this price range is very popular among second-time buyers. Then the bidding will be intense and the price high, says Ødegård.
Goes for market price
Neither Frafjord nor Ødegård have any belief that there is a specific strategy to push down the price.
– The strategy must be considered after you have seen how many people were in the public view. There really are no rules for what’s right and not right. But today it’s a good thing that a home is at market prices, “Frafjord says.
– This is especially true if there is an attractive apartment in the middle of the city, then you should bid at a realistic level. If, on the other hand, there is a dwelling in a more pig-tailed area you are looking for, it may be possible to push the price down and you may want to think more strategically.
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