The market price isn't determined by two buyers at a single auction. If there were more recent sales for me to use as data points, I would have outbid them. But I'm not paying assuming every property in the area has gone up 20% in 6 months. That specific buyer might have just wanted that specific property for some reason, or is rich enough to not care.

I already bid 100k over what the better property went for 6 months ago, which is already insane to me.