Whenever someone brings up the topic of auctioning your home, there’s always a negative impression drawn from the conversation.
A few years ago auctions were either for million-dollar properties with a lot of interest, or for those considered “distressed”; nowadays, it is the first option for many home sellers, as it can often ensure the top price.
Auctioning is a popular way of selling homes, especially if you live in Auckland, given that 70% of New Zealand homes located in Auckland are sold using this method.
But how does it work? What should you keep in mind to successfully auction your home? These are aspects that will be covered in the next section.
What You Need to Know About Auctioning Your Home
It’s vital that come auction day you are 100% prepared to sell your home. Probably the first thing would be to attend a few auctions, and throughout the process to ask your real estate agent to explain anything you didn’t understand.
That said, an auction, just one of the many sales methods available, can turn out to be advantageous if it is a sellers’ market, especially like the ones in Christchurch and Auckland.
Of course, in more buyer-friendly markets, taking the “asking price” route can be better, since it gives buyers time to get financing approved and to do their own homework on the property.
It goes without saying that the success of any property hinges on the competence of the real estate agents you’d wish to hire. In our experience, the agent can make a huge difference, whether by helping a buyer to see the potential of a property and helping to find a mortgage broker, or by assisting the vendor in making the home as appealing as possible. That said, if you’d like to know when the property can be sold or when you’ll be able to move, then it’s better to use the auctioning method.
However, when it comes to selling your home conventionally, there are a number of benefits associated there as well. Most of all, the type of property you own will tell whether you can auction or will have to sell it conventionally, the way most people do. Usually, the houses showcased in an auction either require work or are rare or unusual. For the rest, selling it conventionally is much better, especially if it doesn’t fit into the aforementioned categories.
There’s a lot of information revealing the advantages of selling your home on your own. However, you are prone to error, considering how much real estate agents do know what they are doing, for both buyers and sellers.
We have a lot of experience selling properties conventionally as well as via the auction method. On numerous occasions, we have helped vendors get a price significantly higher than expected. We have also helped ensure many happy buyers.
So whether you’d like to discuss with us the benefits of auctioning or are interested in a no-obligation appraisal, please do get in touch.