Auctioneer market price not updating


04-Aug-2020 20:44

Selling by auction or private sale is a highly debated topic in the real estate industry.Whilst many would argue that auctions are the best way to secure the highest sale price for your property given the competitive nature of buyers on the day, others believe private sale is the way to go.Auctions generate a sense of urgency amongst buyers.This sense of urgency is due to there being a set ‘end date’ for the sale of the property and this compels potential buyers to make a decision on the day.

It is important to discuss and compare the costs to sell via auction vs private sale with your agent.It is important to discuss and compare the costs to sell via auction or private sale with your agent.2) For properties where there is ample accurate sales evidence, an auction may not be the best way of selling.No deadline may also mean that potential purchasers may not be motivated to act as quickly.

3) A key limitation of private sales / treaties is that the price is negotiated down compared with auctions where the bids increase.For this reason, private sales / treaties can be beneficial in that sellers have more time to consider offers made by potential buyers and vice versa.



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