When it’s time to sell your property, you want to make sure you’re getting the best deal possible. Selling below market value shouldn’t even be a last resort, nor should settling for an amount below what you need to buy your next dream home comfortably. Instead, when you sell your home on the Gold Coast, consider taking it to auction.
Of course, there are advantages to selling at auction, but why might it be the best option for you?
If your home is unique or sought after for any reason, be it location, views, potential for value increases or design, there’s more likelihood that bidders could get into a ‘price war’ and increase the leading bid enormously. In this event, your reserve will be blown totally out of the water, and you could fetch a much higher price for your property than you thought possible.
This isn’t likely if you have a regular home, alike every other property in your suburb. Any unique, valuable characteristics could help your home stand out in the current crowded market.
When you need a certain amount of money to settle your next home, whether or not you’ve come to an agreement with the seller or even found the right property, the auction reserve is the key. Say you need $1.4million to buy your next home, according to the bank and the seller. If you can borrow $300,000 from the bank as a home loan, you’ll need to sell your existing property for $1.1million. Set the reserve there, and if the leading bid passes that amount, you’re guaranteed a sale.
If a bidder reaches the reserve, they are obligated to buy the home. There is no ‘cooling off’ period at auction.
The call might come in from somewhere overseas – you need to move right away to take up a once-in-a-lifetime career opportunity in America or the UK. The time to sell is right now, there’s absolutely no time to waste.
All you have to do is market your property with Ray White Surfers Paradise, have a few open homes to attract attention, and hold an auction. The whole process could be over in less than a month, or even within the week if someone doesn’t want the pressure of bidding at auction and lodges a pre-auction offer.
Whatever your reason for selling your home, putting it on the auction block could help you to get the most bang for your buck. Get in touch with the team at Ray White Surfers Paradise today for more information about why selling at auction could benefit you.