When it comes to real estate and auction, one’s often perceived image is that the house is a foreclosed home or even there is something wrong with the property. However, that is not always the case and you can even get a bang for your buck, for both a seller and/or buyer.
Here are 4 reasons why you should sell your house at an auction:
1. An auction attracts serious buyers.
Auctions not only for the people who have extra cash but recently it has attracted even serious house buyers/investors. Therefore, not only does this gives an assurance to the sellers at auctions. On top of that, a 10% deposit is required which weeds out the less serious buyers from the pack at an auction.
2. You know exactly when your house would be sold.
One thing about selling your house on the market is that you never know when your house is going to be sold. However, with at an auction, you will know exactly when and that is when the auction is over and your house has been bid on.
4. There’s no cap for a competitive market.
Lastly, there is of course no cap for your house in an auction. However, that is of course, if your house brings in the interest of a lot of buyers. As we all know, auctions can be quite competitive and therefore raise the value of your house by quite a lot depending on the buyers. Not only will you get a bit more but also maybe a lot more of value for your house in an auction.
3. Save your time and money in a slow market.
Auctions are of course not only for a competitive market but also a slow market. What this means is that during a downturn, where the market usually drops by 5% for houses, your house will only drop by 2% in an auction. This not only helps save value but also gives a “true” value to your property.