819 days ago

Is Auction a good strategy in the current property market?

Lugton's Real Estate - East Office

There’s been plenty of media commentary about how auctions have fallen off recently which really asks the question why? The main reason it’s relative to the fall in the number of properties that are currently on the market compared to last year.
Human nature still dictates we want the best possible price for our greatest asset and in the quickest time so we can move forward with our plans.
There’s plenty of analysis that when a home first comes onto the market the most interest is within the first 3 to 4 weeks. If an agent prices the property too high buyers will simply walk away and look for something else. By negotiation can also put some buyers off as they don’t want to waste too much time doing their due diligence if the vendor is unrealistic with price expectation
Vendors will recruit an agent based on their expertise to get that best possible price for their home so an Auction strategy can be very effective in maximising the buyer opportunities in those first 3 to 4 weeks. The real challenge for vendors is choosing the right agent that can :-
Maximise the number of potential buyers through effective and innovative marketing
Ensure buyers are given up to date and correct information on the property as well as recent sales
The property has no potential issues that will affect the number of buyers attending the auction
Some agents will quickly want to take your property to market but they need to know what they’re selling. ie. Are there any consent issues? Does the swimming pool comply with the latest Act? The best agents will be able to explain buyer behaviour and how to make it easy for them.
We are still seeing good competition in the Auction rooms but only on properties where there are no potential issues and price expectations are reasonable. Buyers are more cautious in the current market so making sure you recruit the right agent that can deal effectively with buyers is key to getting the best price in the quickest time.
Last 6 weeks of properties that went through the Auction process Illustrated below

More messages from your neighbours
1 day ago

Walks before talks for new mayor

Matt Bowen Reporter from Waikato Times

Morning neighbours,

Hamilton's newly minted mayor Paula Southgate "didn't become mayor to overturn the apple cart and bring all my own unique projects to the table".

Instead, she's going to take a couple of days to unwind and plan before getting stuck in.

What do you think of the election results with a new mayor and councillors?

5 days ago

WATCH: Rotterdam's floating cows: the future of farming?

The Team from Play Stuff

Hi Neighbours, could you imagine cows floating down the Waikato River?

These cows are floating on Europe's largest port, in another effort to make cattle farming more sustainable. The owners call it the world's first 'floating farm'. It's in Rotterdam and they want it to minimize waste and land use, and also bring food production closer to the city.

Play Now: play.stuff.co.nz...

14 hours ago

Council facilities to close tomorrow

The team from Neighbourly.co.nz

Hamilton City Council and its facilities will close tomorrow morning until 11am for an all-staff meeting.

This affects the following - Hamilton City Council, Hamilton City Libraries, Smart Space, Hamilton i-SITE Visitor Information Centre, Waikato Museum and ArtsPost.

Click here for a full list of closures. Essential services will continue, including the council’s call centre (07 838 6699) for any urgent enquires.
SOURCE: Our Hamilton