Maybe you are used to the system where an apartment or a house seller sets the price and buyers try to negotiate a reduced price. The final price lands somewhere in the middle. Meanwhile in Sweden, prospective buyers try to outbid each other on an auction. It feels like a gamble with really high stakes. How to hack this confusing process?
- Use the statistics, like Hemnet, Mäklarstatistik or Booli. They are in Swedish, but all you need to know is to type in the name of the area you are interested in and click on “slutpris”. Which, surprisingly, does not refer to prices of prostitution, but final prices.
- Sort you finances out, know your limits and estimate the maximum value you are willing to offer.
- Do not worry if the maximum price you are willing to pay is lower than the suggested opening bid. You are free to start the bidding with anything you like. It is not unknown of the first bid being 25% lower than the suggested opening bid. Of course, sellers are free to decline any bid.
- Don’t wait for the auction. Make an offer whenever you feel like, before the auction or even before showings.
- Annoy other bidders. Many claim that the best way is to bid 100 000 SEK more than the suggested opening bid. However, there are other ways, like exceeding the previous bid by the smallest possible increment (usually 5000 SEK), bidding slowly (since auctions are held by SMS, many bidders get euphoric and outbid each other 10 times in three minutes), or bidding weird amounts without any visible strategy. Some tried bidding only
- Be aware that you are not bound with your bids. If you think you offered to much, you can change your mind before signing the contract without any penalties. Of course, that means that the other bidders can do the same!