Looking to buy or sell a home and want to explore all of your options? Auctions are a great option for the buyer and the seller in the right environment with the right agents. Peter Malouf, Head of Auctions here at Stone, is here to give you the low down on Stone auctions and the many reasons that auctions can work for you when selling or buying a property.
Creating competition
Auctions create competitive tension between buyers, which urges them to make a decision. If they commit to spending some money on a building, pest or strata report when buying an apartment, it’s more likely they are doing so with an intention to try and buy it – especially if a buyer has a second or third inspection then an emotional connection will likely be made. In the hands of an experienced agent this environment has the potential to improve a home’s value and produce a great result.
Transparency
Auctions are completely transparent! At any point during an auction, every buyer (as well as the seller) can see by the current bid exactly what the market value is in real time, rather than the often unknown factor in a private treaty sale where other offers which may have been made are not disclosed.
Unconditional
If the written reserve price has been met or exceeded, then on the fall of the hammer, the sale is unconditional for both the seller and the buyer without any cooling off period. Both buyers and sellers sign the contract of sale immediately and a deposit is taken from the buyer at the same time which is held in trust until settlement occurs.
Set time frame
While the majority of people are in no rush to buy or sell, having a set time frame for an auction marketing campaign compels buyers to act within a 3 to 4 week period, or risk losing the property. It also encourages sellers to price their property appropriately and commit to spending some money on styling, presentation and advertising.
Why choose Stone to auction your property?
The boutique look of Stone sits well in all market segments and has attracted many experienced and top performing agents in the last 3 years. We offer unique advertising tools to our clients making it easier for buyers to virtually decorate and furnish any property they might be interested in.
Additionally, we have an outstanding clearance rate in excess of 74% for the past 4 months with a further 14% selling within 7 days post auction. With home loan interest rates and stock levels across almost every market segment at comparatively low levels and buyer confidence increasing steadily, auction is a method of sale well worth considering by any potential seller. By choosing an agent with a proven track record you will greatly increase your chances of a very successful outcome.
For more information on how to auction your property or attend a Stone auction, contact us on hello@stonetrealestate.com.au.