Is selling your house at auction a good idea?

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The secret to selling your home is taking the time to make it look presentable. That means cleaning it and perhaps a fresh coat of paint on the inside. The more attractive it looks the easier it is to attract buyers and the more likely it is they’ll picture themselves living in your home.

But, no matter how good your home looks, you still need to make sure it’s in front of the right person. The traditional way of doing this is to use a real estate agent. They’ll display your house on the internet, in their window, and send details to people they think are interested.

But, their reach is still limited by how well known they are. It’s important to explore all options, including selling your house at auction.

Of course, if you decide to sell at the auction you should choose a respectable business, such as this auctioneer Sydney.

 

Speed

Auctions are a fantastic idea if you want to sell your house quickly. The house will be advertised and added to the auction date. Potential buyers can review it and even visit if you allow it.

On the day they will all be bidding for your house, especially if you’ve taken the time to make it look attractive. By the end of the auction, you should have sold your house. The buyer will need to pay you a deposit immediately and then the balance within a fixed time period.

It’s certainly much quicker than the traditional house selling route.

 

Price

It can be difficult to set a price on a house. Real estate agents suggest a price based on what other houses are selling for and what they think they can get for yours.

You’ll need to use the same techniques in conjunction with a discussion with your auctioneer, to set your base price.

However, at an auction, there are likely to be several people interested in your home. They will be bidding against each other and this can cause the price to quickly rise. While there are no guarantees it is possible that you’ll get more for the house at auction than you would on the open market.

 

Cost

It costs you to sell your home. The real estate agent will take a percentage of the sale price. The same is true of the auctioneer. However, most auction houses will charge 2.5% of the selling price, that’s generally cheaper than your average real estate agent.

It is important to verify whether there are any advertising costs as you’ll need to factor these into your calculations. But, surprisingly, auctioning can be quicker and cheaper.

Of course, there are no guarantees with an auction. If the interest is not there you may only get the reserve price or you may not sell your house on the first attempt. But, considering how simple the process is, you should consider trying an auction house before you adopt the more traditional house-selling route. The real estate agent will still be eager to help!

 

By Jesse Huges

 

 

 

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