Why more and more savvy sellers are turning to auctions to offload property.
When it comes to selling property, the market is often summed up in one of two ways; whether you're a buyer or a seller and who has the advantage at the time. But what if there was a scenario where the homeowner and the buyer could both be winners? Well, when you sell your property by auction that's exactly what you get - and the process couldn't be simpler, as more and more switched-on property hunters are starting to discover.
Thanks to ever growing demand the number of properties being put up for auction in the UK is steadily increasing, with competition among cash buyers fierce for those that make it to the hallowed block. At their first auction of 2016, Pearsons' dedicated auction division smashed their previous sales record for property sold in a single auction, with a sum in excess of 2 million pounds achieved by selling only eight individual properties.
"We sell a property at auction and the exchange takes place the same day, the completion 28 days later. Sales don't fall through at auction.It really is as simple as that."
It was an outcome that was even more rewarding for Pearsons Director of Auctions; Steve Sprake, who oversaw the auction for the first time since his appointment to the division in October 2015. Steve, who brought with him 16 years experience in residential sales for Pearsons local office in Southsea, attributes the appeal of auctions down to a simple fact - selling at auction is quick, easy and totally transparent.
"I don't understand why everyone doesn't sell their house by auction" says Steve. "People are under the impression that to sell at auction your property needs to be dilapidated and in some state of disrepair - this is categorically not the case. 90% of the attendees our auctions attract are cash buyers with serious intent to purchase, and this could be anything from a project to a family home that's beautifully finished and ready to move into.”
Since his move from the sales side of the business into its auction division Steve's eyes have been completely opened to the endless benefits that selling a property at auction affords. "There's no chains, no surveys, no agonising wait for completion," he continues. "We sell a property at auction and the exchange takes place the same day, the completion 28 days later. Sales don't fall through at auction. It really is as simple as that."
If recent legislation changes in the property sector have any bearing, it's likely that more and more sellers will actively shun the open market in favour of offering their property for quick sale at Auction. A fact Steve relishes "We're completely passionate at Pearsons about selling auction properties for our clients and while we always set a realistic guide price, we do everything in our power to achieve the best possible price on the day."
Selling at auction is nothing new, but it is becoming increasingly popular again as more and more sellers look to turn around their property for maximum profit and a quick exchange. If you're thinking of putting your property for sale at auction in the South coast area you can contact Steve and his team at their West End Office in Southampton on 023 8047 4274 or visit pearsonsauctions.com for more information.