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No buyers at your auction?

Q: Our home goes to auction in another week. We’ve had lots of people through the open homes but our agent is saying that he doesn’t think he has anyone interested. How can this happen – if so many people see the advertising and come to the open home shouldn’t there be at least one buyer? Jodie R.   A: Excellent question Jodie! This is not that unusual –, especially in the current market. In past years we would expect one bidder f…

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Are auctions still working?

Q: Are auctions still working? A: With the ‘softening’ of the market we are often asked if auctions are still working. Or actually, people are often saying to us “auctions aren’t working now so we want to sell by negotiation, or with a price.” This is absolutely not true. In our current market, an auction is still THE BEST WAY to sell your property. There are several reasons for this, but let’s start with the facts: In Ray White NZ 82% of …

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Can you trust online valuations?

Q: We are looking at buying, but find it really hard to get a price indication on auction or ‘by neg’ properties. How accurate is it to use the CV of an online estimate of the sale price?  Julie and Bruce A: Didn’t your mother ever tell you “Don’t believe everything you read online”! There are some real problems with online valuations. No-one has actually looked at the property. Basically, the estimate is the result of a computer algorithm …

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Auctions

Q: I am curious about auctions. Is it best to have them in rooms or on-site? And what exactly is a “vendor bid”? Danny S. A: What a great, topical question – especially with all the talk in the media about how auction clearance rates have dropped in the past few weeks. Auctions are a very popular method of sale in Auckland and it surprises me how some agents fail to explain the process to their clients when it is so important to the sale. …

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