Auction House Bidding Mistakes to avoid

The three common Auction House bidding mistakes

Auction house bidding mistake 1: Bidding too early

When you’re interested in a particular property, it’s tempting to place your bid as soon as you read the item description. The problem with this is that as soon as that bid is entered, you’ve announced your intentions to other bidders—who might then react by placing even higher bids. So, right away, you’ve started a bidding war—which you could lose.

There’s really no benefit to bidding early in a long auction. So what if you place your bid on day one of a seven-day auction? The only bid that really counts is the one that’s in as the auction closes. Besides, when you bid early, the bidding price goes up faster. It’s better to hold off and place a later bid, one that other bidders won’t have as much time to respond to. Bid early, and you’re likely to either lose to a higher bidder or unnecessarily drive the price higher; bid later, and you’re more likely to win—with a lower bid.

Auction house bidding mistake 2: Bidding too low

If you really, really, really want to win a particular auction, there’s no point in being cheap. You think you can get by with a low-ball bid, so that’s what you offer. The problem is, if the item is really worth a higher price, someone else will bid that amount—and you’ll lose the auction.

It’s especially tempting to bid low when the seller sets an unrealistically low starting price. Don’t get suckered in by a low price early in the auction. If you think an property is really worth a particular price, bid that full amount.

Auction house bidding mistake 3: Bidding too high

On the other hand, don’t be a dummy and bid an unrealistically high amount for something that isn’t worth that much. You’d be shocked at how many items sell for more than their fair value all the time ; a lot of buyers just don’t know what things are worth when they place their bids , always do research , especially with property values.

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