“It’s like I do all the homework, get ready to go way over what the agent says, then the auction starts and I’m left for dead on the nature strip. Again. And again. And again.”
At prices approaching $10m, it’s a bloodbath out there. No choice, no prisoners.
But $1m over reserve? $1m more than what, as a seller, your agent is advising you to take?
35 Stonnington Place Good home. Offer OK by seller at $7.5m. All hell breaks loose. Eventually goes for $8.48m.
19 Moorhouse Street, Armadale There’s a quiet off-market auction prior to the scheduled date and the owner is ready to sell at a little shy of $7m. Everything hits fan. People come from everywhere. Finally sells at $700k over the previous offer.
11 Adelaide Street, Armadale On the market at $4m and sells for $4.5m. Yes. OK. But that’s $6,700/metre and that’s what would have bought top end AAA Toorak a year ago.
“Should I change my deodorant?”
That’s going a bit far. It’s not panic time. But those are costly illustrations of the lack of choice out there; and some buyers who are prepared to go above and beyond where sense should take them.
Patience, people, patience. In frantic times the winning strategy has often proved to be a quiet time in front of the fire with a glass of your sedative of choice.
“I know! I’ll buy for you and sell for you! I’m a one-stop shop!”
Now we’re hearing about agents who are offering their services as buyers’ advocates.
No conflict of interest there. No “I’ll pay whatever is needed to get you out of your house so I can sell it.” clause.
It makes about as much sense as our setting up as auctioneers so we can sell houses (at any price) for our clients.
Unhappiness will follow.
“I hate auctions”
In these times, good thinking.
Nail the deal before the bunfight starts and you’ll reduce stress and save money.
Works for us.