Should you auction your home?
The Advantages and Disadvantages of Selling Your Home At Auction
Advantages Of Auctioning Your Home
- Sale finalized on the fall of a hammer.
- It’s possible to achieve a higher price when selling your home so long as there are many competing bidders.
Disadvantages Of Auctioning A Property
- You will only get the best buyer on the day.
- Some buyers are not quite ready to make a bid.
- Offers are public.
- You attract bargain hunters looking to buy for below market price.
- Property value will drop if your home fails to sell on the day of auction.
What Properties Are Best To Sell At Auction?
- Properties that are in short supply or in high demand.
- Immaculate properties that have the “WOW” factor and are always in demand.
- Unique properties such as those with stunning architecture.
- Properties with potential for redevelopment and development opportunity such as subdivision zoning.
Which Properties Should Avoid Auction?
- Properties in disrepair or may not present as well due to age or need of renovations.
- Average homes which whilst in good condition, may not stand out from the crowd.
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Why Do Some Agencies Push Auctions?
- Franchise and larger agents push auctions as inexperienced agents don’t need to negotiate. All they need to do is convince people to turn up on the day and hope they bid against each other.
- Auctions are a controlled marketing event for the agency. Instead of spending money on advertising, their sellers do it for them. Many agencies do this even if auction is risky or unsuitable for your type of property.
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