Are you looking to buy or sell a home and want to explore all of your options? Auctions are an excellent option for the buyer and the seller in the right environment with the right agents.
We’re here to give you the low down on auctions and the many reasons why this method of sale can work for you when selling or buying a property.
Creating competition
Auctions are a popular method of sale, with many benefits for both the buyer and the seller.
From a buyer’s point of view, they level the playing field by allowing them to check out the competition. Auction is particularly suited to properties in high demand, unique in some way, or if you need the sale to move quickly.
Auctions are emotional! They create a sense of urgency and competition among interested parties. In a high-pressure auction situation, buyers find it harder to be objective, especially when they love the property!
The competitive nature of auctions can also get bidders determined and fired up. With the right Real Estate Agent, this environment has the potential to improve a home’s value and produce a great result.
Transparency
Auctions are entirely transparent as every buyer (and the seller) can see by the current bid precisely what the market value is in real-time. This is often an unknown factor in a private treaty sale where other offers have not been shared.
Unconditional
You also get the protection of a reserve price at an auction – the lowest figure you’d be willing to sell. There’s also the possibility of selling for more than the reserve, sometimes significantly so.
If the reserve price has been met or exceeded, the sale is unconditional on the fall of the hammer. Both parties sign the contract of sale immediately, and a deposit is taken and held until settlement occurs.
Set time frame
While most people are in no rush to buy or sell, having a set time frame for an auction marketing campaign usually encourages buyers to act within a 3-to-4-week period. It also enables sellers to price their property appropriately and commit to spending some money on styling, presentation, and advertising.
With home loan interest rates at comparatively low levels and buyer confidence increasing steadily, an auction is a method of sale worth considering by any potential seller. And choosing an agent with a proven track record could significantly increase your chances of a very successful outcome.
And that’s where #teanetchells comes in!
For more information on how to auction your property, contact us today.
E donnaetchells@mcgrath.com.au
M 0414 553 719
D 02 9532 7000
Donna Etchells - McGrath Estate Agents 