Selling your home by auction in WA saves time & time is money.!
Western Australians selling their homes are being encouraged to consider doing so by auction to achieve a quicker sale.
WA’s Auctioneers Network President Mr Lynch ~ says “Auctions were not as popular in WA as other parts of the country, but that attitudes were changing.”
“As the property market slows and the number of listings rise, auctions can be a great way for sellers to stand out from the crowd and achieve shorter selling time,” Mr Lynch said.
Mr Lynch said auctions also helped give the listing a shorter campaign and marketing period, bringing out the more serious buyers on the day.
The latest reiwa.com data shows that the average number of days on market for the traditional ‘private treaty’ method has blown out to 71 days, the longest reading in three years.
“By comparison, the average number of days on market for a property that is sold by auction is 40 days, a time saving of a full month,” Mr Lynch said.
reiwa.com’s auction data shows that over the last three years, the average number of days on market for a traditional sale was 64 and for an auction it was 37, a time saving of 27 days.
“There is renewed interest in the auction method as people are learning about its advantages and discover how popular it is in Melbourne, Sydney and Brisbane.
“The level of local interest around an auction can be quite high and a successful bidder will now find more flexible terms in the process.
“Traditionally, a successful bidder might be expected to make a 10 per cent deposit on the day, with a further 30 days to hand over the remaining sale price.
“These days, with the seller’s agreement, the deposit can be between three and six per cent and the buyer can choose between 30, 45 or 60 days to settle the deal.
“This flexibility is more inclusive of the market and allows a greater number of potential buyers to consider buying at auction,” Mr Lynch said.
Mr Lynch said the auction method gave sellers the confidence of knowing that bidders were approved to buy, had finance approved and that settlement was likely to go ahead without surprises.
Over the last five years, the quickest average time for sale by private treaty was 50 days in the December quarter of 2013. The same time period saw the shortest number of days on market for auctions with an average of 33 days.
The best thing about auctions they use the core aspects of selling a property…
Considering All Reasonable Offers, Set Date Sale, Live Sale & Public Event, Private Treaty following if not sold on the day/date.
Comprehensive 30 day campaign which includes home opens, buyers registrations & potential multiple offers. Usually within a 45 day window all is revealed & resolved in real estate with an auction process. If its Not Sold a check list of why can be easily made? In 80% of cases its is because of the price. It really polarized price if needed & helps the seller get real & get on with life. So many auction campaigns come & go with a result a long time before open ended private treaty deals. Irony is 50% of all auction campaigns actually sell before the set date. Also you get the opportunity to work all the buyers to the best price prior to auction date & not sell first week..?
That big Q & A .. What If..? Auctions are the answer.
Don’t be wishing your choice was an Auction Campaign, after 3 – 4 months on the market. Chasing the market around is no fun in these challenging times. It could cost you tens of thousands !!
Talk about the Auction Option with Dean anytime.
:: NOW AVAILABLE…
WA’s ALL NEW AWESOME AUCTION SYSTEM
MITCHELL MARKETING METHOD
DIAL DEAN :: 0413122633
:: AUCTION INFO ::
:: How to Auction
:: Pricing & Planning
:: Phases of the Campaign
:: Terms & Conditions
:: On the Day Event
:: The Auction Playbook
DIAL DEAN :: 0413122633
in association with www.andrewmurray.net.au