Here's why a Yamba agent says auctions are the way to go

By Daniel Kelly, Joint Principal/Licensee, Ray White Yamba

WHEN it comes to real estate auctions it seems everyone has a story to tell or an experience to share, some positive, some not so much.

But when you break down the fundamentals of a property auction the benefits become obvious, regardless of whether you are a buyer or a seller.

For the first time in a long time, the property market in the Clarence Valley is experiencing an undersupply of properties for sale, meaning in most cases there are more buyers than sellers.

As the market changes, whether in an upward or downward direction, the challenge most sellers face is getting their price right in order to sell.

An auction from a seller's point of view is all about protecting your price while determining what the market is prepared to pay.

Of course there are the usual points of interest for sellers such as a set time frame for sale creating urgency among buyers, open competition helping in price and no advertised price ensuring maximum interest, but the bottom line is that as a seller you want to work with the facts and that is what a buyer is willing to pay for your property today.

For buyers, on the other hand, auctions are an incredibly open and honest forum for negotiation.

The bids are made right before your eyes, the response from the seller is immediate and you gain a clear understanding about what the rest of the market is willing to pay for the property you are interested in.

Every buyer will have their own strategy when it comes to bidding.

One of those is not bidding at all, but auctions are all about being in it to win it.

There is no risk of being gazumped after the hammer falls.

You enjoy the feeling of signing your contract after the auction knowing that you have bought the property you want and no negotiations were done "behind closed doors".

Neither buyer nor seller should be afraid of an auction.

A good auctioneer will always encourage participation rather than discourage it by refusing fair bids or making fun of buyers.

Everyone is there to achieve the same result; it's those who embrace the process and employ an agent with strong knowledge of the auction process who will enjoy a favourable outcome.

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