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5 Ways to Understand Auctions

By Michael McMahon

FIVE ways to decide if an auction is right for your property.

Auction popularity

1. When your home is in an area where auctions are the norm. In some suburbs, if you don’t hold an

auction, you may risk the perception that there is an issue with your home that makes it unsuitable for

sale that way.

Emotional appeal

2. When your property is of a kind that is in high demand. Your home may have unique or special

qualities that buyers are prepared to compete for. It may be a particularly beautiful home or in a

desirable location. An auction is ideal for taking advantage of the emotional appeal of the home

making bidders drive the price higher.

Property boom

3. When the property market in your area is booming. When prices are going up in your area, buyers

are keen to buy even quite ordinary homes because they’re fearful of missing out and having to pay

more next week. This anxiety encourages buyers to bid higher than others.

Time frame

4. When you have to sell your home in a particular time frame. If you have bought another property for

instance, or need to sell by a certain time, an auciton is ideal. Unless the market is very slow, or you

insist on an unreasonable price, even if your property passes in on the day, it usually sells within the

next week or so, compared to a private treaty sale which can sit on the market for months.

Stress level

5. If you find the whole marketing and open for inspection and sale process a chore. Auctions

have a specific and intense marketing period, usually around four weeks. If you’re lucky, the stress

culiminates in ten minutes or less on a specific day, and then it’s all over.

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