A house we love for its space (renovated and in an older area, 1960/70's) and location (walk distance to huge park, reserve, school and shops) is going up for auction next week.
The price range is advertised $440-480k
The agent who sold my house said its worth around $500k and my cousin who is also buying in the area (mainly for land) said set your limit $510k.
Anyway Dh and I can afford up to $530-$570($600 max) as we recently sold our house and have some left over after paying our loan off.
How do we not get excited at auction and overpay? Will other bidders stop at the real market value?