Seller’s Advice: 4 Benefits To Selling Your Property On Auction
Ultimately, auctions offer a practical and smart way benefiting buyer and seller.
There are two common misconceptions about auctions. The first is that auctions are for distressed sellers in need of quick cash. The second is that auctions are purely for bank-owned properties and are a bargain hunting ground.
However, in the past few years, both of these misconceptions are steadily being proven wrong as more buyers are opting to spend their money on the auction floor. Thus, the shift away from the more traditional avenues of real estate is becoming a common trend.
Ultimately, auctions offer a practical and smart way for both the buyer and the seller. Here are 4 reasons why selling your property on auction is the right move to make.
1. The bidding war might give you more than you bargained for
When the bidding for a property begins, this often creates a rush in the air. A sort of adrenaline floats about as buyers begin to twitch their paddles in anticipation and excitement. There is nothing quite like a buyer’s rush that stems from a bidding war.
In a strong seller’s market, you never know just how much your home may sell for (it might be well above your asking price).
Property experts have often noted that people tend to spend more in an auction environment than in a negotiated sale, which could push your sale price well above your expectations. Keep in mind that this applies to a competitive market and the right auction environment, facilitated by experts in the field.
2. Sell your home quickly at true market value
The great thing about auctions is that they are not only suited to competitive markets. If you want to sell your home at true market value, and quickly, then an auction can help you do this.
If the market is slow, it’s easy for your house to sit on the market for months at a time, which is a seller's worst nightmare. However, when you auction your home or property, you can avoid this lag and ensure your home is bought at its true value.
Did we mention that if you auction your home, then buyers can only view your property by appointment, meaning no more show days?
3. You know when your home will sell
When you are ready and need to sell your home, holding onto it will only put a strain on your lifestyle and your budget.
When you sell your home on auction, not only does this accelerate this process, but the method of auctioning your home means you can sell your home within 21 days. This means you can budget accordingly.
4. An auction attracts only serious buyers
Anyone selling their home via the traditional methods of real estate will know just how frustrating it can be to deal with ‘just looking’ buyers. You spend time, money and effort into getting your house ready for the market and all of this seems goes down the drain with these sorts of buyers.
Auctions are a playground for investors ready and waiting with capital to spend. And not only that, auctions are now becoming more popular among every house-hunters putting in their bids.
Buyers at an auction need to arrange finance before they place a bid on the property. Auctioneers do not allow time for buyers to arrange their finances after the hammer has fallen. If a buyer’s bid wins, they have to pay the deposit on the purchase price on the same day. After this, they need to give a guarantee for the remaining amount.
This means that only serious buyers are putting up their paddles and placing their bids.
Looking for an auction house to sell your home or property?
Now that you have a good idea of the benefits of selling your home on auction, you might be wondering who to choose to help you go about doing this.
At Auction Inc, each one of our brokers is equipped with the right skills, as well as the personalised and transparent service needed to sell your home. We walk you through each step of the process and ensure you know exactly what is happening at all times.
Are you ready to sell your home? Get in touch with us today.
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In the meantime, have a look at this great post on Selling your property on auction.
Until next time,
The Auction Inc Team