An auction is a public sale where buyers bid against each other to purchase a property. . It is important to consider what the most appropriate sales method is for the area your property is located in.
There are pros and cons associated with both methods of sale. When it comes time to sell your home, which method is right for you?
Benefits of selling at auction
- create a sense of urgency
- intensive marketing campaign
- reduced time on market
- buyers must be ready to purchase on auction day
- competition amongst buyers – this may increase how much they are prepared to spend
Benefits of selling via private sale/treaty
- less intimidating for buyers
- allows for conditional sales eg. pending formal finance approval, pest and building inspections or the sale of an existing home
- increased privacy for buyers
- more relaxed schedule