Auction or Private Sale????



From: Mojo Jojo

Interested in people's opinion on whether its best to sell your own house by auction or private sale. Or what determines which way to go.

I'm looking at selling my house which is in an inner suburb of Melbourne. It's a double fronted, 3 bdrm cottage which has been renovated.
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Reply: 1
From: See Change

Depends on market ad "positioning of property" and your nerves.

Selling a house by Auction is not a stress free time , and you will/can be subject to serious conditioning.

An Auction can be the best way to get an over the top price for a unique house in a silly market.

Obviously Neil Jenman doesn't like auctions and it is worth reading his book to see his opinions. Personally I find it very frustrating talking to "jenman agents" as they don't like to give much info out about houses. When we were looking for a home we'd check the paper for times of open houses as our first priority and if we had spare time I'd ring the local jenman agent ( often I didn't)

Confessions of a real estate agent is also worth reading considering what is at stake when selling a property.

As the resident of the home , you are in the best position to know what is unique about your home. We were fairly dictatorial to our agent about what we wanted highlighted in our adds.

see change

it's better to be guided by your dreams than your fears
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Reply: 1.1
From: Gail H

In buoyant markets, auction is a good option. In sluggish markets, private treaty is better. The problem with auctioning in a sluggish market is that one buyer may be prepared to pay more, but they're not forced up because of a lack of bidders. The price then sinks to the lowest common denominator.

At the moment in Melbourne, an auction would be the go I think.

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Reply: 1.1.1
From: Michael Yardney

There is no doubt in my mind that in the current Melbourne market an inner city property will achieve a top price at auction. There are some stupid buyers out there who will pay almost any price and you may miss out by putting it up for private sale.
As for Jenman agents - they are great to buy from because of their incorrect ideas and general inexperience (it's the way they train them)but never let them sell a property for you
Michael Yardney
Metropole Properties
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Reply: 2
From: Michael Keleher

Absolute no it, and the sooner the better.
Auctions I have been to lately have been selling for a good 10% more than fmv.
But!.....even though crowds are big the genuine bidders are getting thinner....I think the smarties are backing off.
I know of one long time local agent who has just unloaded the last of the dogs in his property portfolio.
Tomorrows fin also has some dreary predictions.
Good luck.....hope you get top dollar.
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