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Auction vs. Traditional

December 5, 2018

It's time to rethink Traditional

When homeowners initially think of selling their home, they often only consider the traditional sales method. This process can be time-consuming, it takes the control away from the seller, and it doesn’t always yield the highest returns for the seller. Homeowners should consider selling their home through a non-distressed auction. Although this might sound intimidating at first, there are several key reasons why you should consider this method.

Value Over Price

Selling a home through the auction process puts the focus on the value of the property, where the property is and what it has to offer, instead of the list price. Homeowners can choose to use a starting price for the auction (or not) and there is no limit to how high the offers can go. Sellers can then decide if they want to accept the winning bid. This allows bids to truly reflect the market value of the home, instead of what listing agents feel is appropriate.

Approach to Selling

When homeowners sell their property through the auction process, they are selling their home “as-is”. Sellers will complete all inspections, etc. before the auction and they cannot be asked to make repairs, reduce the price, or extend the closing date. This puts the seller in control of the selling process instead of the buyer.

 

Set Sale Date

A set sale date might be one of the most attractive parts of selling a home through the auction process. Auctions have a way of creating a sense of excitement and urgency, making buyers more willing to purchase a property. Traditional listings, on the other hand, can take a lot of time and can often force the seller to reduce the list price to attract more potential buyers. Since the traditional approach is  more passive in nature, sellers also have a difficult time truly ascertaining the market value of their property.

Sellers Have Control

Unlike traditional methods, selling a home at auction effectively places the control in the hands of the seller. Sellers can choose when prospective buyers can view their homes, through organized Open House times. At these Open Houses, your Harcourts Auctions agent will be present to obtain contact details from all interested parties, will monitor all feedback received, and will notify all parties if an offer is received prior to the auction date, which allows them to place a bid if they choose. The traditional method of listing your home, however, puts the control in the hands of your listing agent. Potential buyers can view your property at almost any time, with or without an agent. When an agent isn’t present, they cannot gather any feedback and cannot provide invaluable feedback about the market value of your property.

 

 

Choosing to sell your home at auction instead of the traditional route is not as daunting as it initially might seem and there are several benefits to selling your home through this process. Harcourts Auctions not only has over a 90% list to sell ratio, but homeowners typically receive at least one offer before the listed auction date. For more information about selling your home with Harcourts Auctions, we invite you to review the information on our Sellers page or contact one of our agents today.

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