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Jason Lyou wrote: "...So while the closing time of 12:40 AM was acceptable, there was still a bit of dragging as we wound down. I don't think that will change."
don't forget that the reason you want to leave some window is that people will use any extra time you allow them to re-think and then re-calculcate their assumptions on what they can "afford" when under time clock pressure.
For instance, in the last few seconds of any auction for something I want badly, I usually come down to the "can I refi the house again?" conundrum.