Thursday, April 22, 2010

What Drives a Successful Auction?

A good real estate agent understands the markets and locations they work in. So they know what a property is worth and how to maximise the price. But every so often a property takes everyone by surprise. Why?

There are properties out there with an X factor—ones where auction frenzy drives up the price. And they can pop up anywhere and in any price bracket. But one thing has to happen—two parties have to want the property and be willing to bid it up.

Essentially, there has to be someone willing to pay for the property and someone else willing to push up the price.

Most agents agree that the primary criterion is supply and demand. But while the market is slower, there will always be potential buyers, wealthy developers or families looking to upsize.

People have different needs and often it’s not easy to fill them all. So when a property comes along that ticks all the boxes, it’s worth bidding for. Buyers who have the money and want it, will keep bidding.

What exactly motivates the buyer can be as varied as the properties themselves. Many a buyer will pursue their “dream home”, while developers can see a profit down the line and force up the price.

As agents with experience in the area, we tend to be able to spot the properties that have unique appeal and are suitable for auctioning.
So if you are thinking of selling or would like assistance in locating a property, feel free to phone me, Noel Thompson Principal Professionals Logan Lifestyles at either Browns Plains 3800 4000, Marsden 3200 4495, Springwood 3808 5544 or Waterford 3299 7733.

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