DOES AUCTION OR PRIVATE SALE GET THE BEST PRICE?

Thursday 08 Aug 2019

Both methods of sale have their merits, so it is important you discuss which is best for you and your property with us at First National Balwyn North. We’ll help work out what’s best for you but here are a few tips:
•    Auction allows buyers to publicly compare their offers for your home placing bids but your agent needs to be confident your property will attract more than one interested party during the marketing period.
•    Auction can achieve a high price, if two buyers really desire your home.
•    With Private Sale, you must determine an appropriate asking price which will then attract buyers who compete against one another in a silent bidding system for your property. 
•    When you set a price at the current market with Private Sale, you will attract multiple potential buyers and together with your agent’s negotiation skills, First National Balwyn North will achieve the highest price possible.
•    If you set too high a price with Private Sale, your home is unlikely to attract any offers and will remain on the market for a lengthy period. Potential buyers become suspicious about why nobody else seems to want to buy your property and this makes them less willing to pay fair market value.