What else are they going to say? Wow we caught up in the moment and over-bid?
I probably would have turned around at seeing the line up to get in. Frankly, if there are 1200 bidders there, that’s enough potential buyers to snap up half of San Diego’s monthly resale volume on a single morning.
You’re not going to get a better than market price in that environment, you’ve got 1200 potential buyers competing for a roughly 90 homes.
Frankly, given those ratios, I’m surprised they went as low as they did. It really tells you how weak the market is and soft prices are, they need to create that level of competition and hype to get it sold near market.
It also tells us how quickly buyers will come out if a home is noticeably below comps.
