While recent data suggests that Melbourne is the auction capital of the world, selling by auction is not necessarily the right choice for everyone.
Along with vendor preference, aspects such as local market conditions, property type and buyer interest levels may dictate that private sale is a sensible option for your property. In fact, certain areas – and certain properties within an area – will achieve a better result when sold via private sale rather than at auction.
If you’re wondering whether private sale might be the right choice for you, some aspects to consider are:
- Speed: Most auction campaigns run for at least four weeks. Private sale can often achieve a quicker result – potential buyers can make an offer and begin negotiations at any time.
- Flexibility: Private sale allows you to negotiate sale price, conditions of sale and settlement terms with potential buyers.
- Pressure: Auctions can be intimidating for both buyers and sellers – private sale gives both parties the ability to spend more time coming to a decision.
- Privacy: Private sales are negotiated away from nosy neighbours and curious passers-by.
- Cost: You don’t have to pay for an auctioneer when selling privately.
If you’ve noticed that most homes in your area are offered for private sale, there may be a good reason for this – sale by auction may not produce the best results in your suburb.
Call us today to speak to your local Greg Hocking office about the best method of sale for you.