Up for negotiation

"...buyers today are either immediately purchasing homes they know are perfect for their lifestyle needs prior to auction date or participating in the auction process to help them establish current values." Simon Damerell, Ray White, Ponsonby.

Many hopes are pinned on auction day, which is the culmination of a property’s marketing campaign. Yet increasingly, fewer homes actually sell under the hammer during the auction process. It doesn’t mean properties aren’t selling altogether, simply that buyers are exercising their right to negotiate prior to and after the auction day.

The intensive promotional campaign that is an integral part of the auction process is designed to help the property sell quickly by attracting as many competitive bidders as possible. But if the property doesn’t sell at the end of the allocated three- to four-week campaign, it generally goes within another two weeks while the agent works between the prospects the campaign has identified.

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