The magic that happens at auction

Yesterday I witnessed “that magic” the moment that a buyer gets his broker on the phone to see how much more he can go because he just doesn’t want to lose the house ... after bidding $30,000 more he was prepared to pay prior to auction he was swept up in the moment, coached by the auctioneer and caught up in the process it was a text book example of the magic that happens at auctions.

A flawlessly executed campaign a beautifully presented home another indicator that the marketing, styling and presentation ad the ingredients to that all important result and evidently a property sold over reserve under the hammer.

Even in a market where many consider auctions don’t work the disappointed buyers who called the agent after the event were shocked to hear when the agent told them they must register to buy or they wouldn’t get a chance on Monday, that in fact she hadn’t been stretching the truth they were selling. I’m sorry it was sold under the hammer with very happy buyers and Sellers!

The advantages of the auction process from a Sellers perspective are clear but let’s just take a second to look at it from a buyers view.
You’ll never pay more than market value, because the true test of the market is what a buyer will pay, under auction conditions you couldn’t ask for a fairer playing field you know EXACTLY what your competition will pay because you can see with your own eyes in a private treaty negotiation you can assume but never really know.

The buyer is establishing value on the day it would be a brave valuer that finds an auction property that sells above valuation the facts are very clear, the bidders are setting the value at the auction.

Ultimately this process not only proved fruitful for the owners on Sunday as they now have the ability to bid unconditionally on another property next weekend but.... the buyer well bought and happy to the point of tears at the purchase of her new home.

Magic!!