59% of homeowners that have taken their properties to auction this year through Morris & Co, have been rewarded with a cash and unconditional sale within the first 3-4 weeks on the market. We are seeing more ‘one bidder’ auctions which isn’t uncommon in a market where there are more options for buyers than there was 6-8 months ago. Sure, more than one bidder in an auction room can appear more exciting, but we still see premiums achieved in these scenarios, the back and forth just happens off the auction room floor.
For the buyer, they have an opportunity to purchase the property before the conditional market and their feedback tells us they would rather secure the property through a transparent process than put in a blind offer with no option to increase it if someone comes in above them. In an auction room or negotiation, they can change their minds as many times as they like! For the owners, their preference is to sell with no strings attached to a cash buyer, and in a reasonable timeframe. Hence their commitment to go to auction in the first instance.
For the remaining 41% of properties that have ‘passed in’, there may be conditional buyers in the wings hoping for the opportunity to put pen to paper but if not, we have learnt a whole lot about where buyers see value and what they think of the property – information that we didn’t have before going to market which means the owners are now in a far stronger position moving forward to either price the property or look at offers with confidence.
At this time of year we often come across homeowners who are looking to make a move in the new year and want to wait until January before they get on the market. If you want a head start on the rest of the homeowners with the same thought pattern … Read more
In recent years, the real estate market in North Canterbury has witnessed a remarkable trend: the growing success of auctions as a preferred method for selling houses. Gone are the days when traditional listing methods were the only option. Today, more homeowners and real estate professionals are turning to auctions … Read more