Buying a home on the Northern Beachs can be a stressful experience, especially if you are doing so for the first time. Auctions can be nerve-racking, even if you have bid at them before. It’s important to remember that most homebuyers never have the need to become experts at the auction process, unless of course they work in the industry or are seasoned investors. So you are not alone.
There are many keys to success at auction, from doing your homework about the property, having your finance watertight and knowing your limits. But one of the most important skills is knowing when and how to make your move. Do you bid at the beginning in a show of strength, do you hang back and wait until midway through, or move right at the end? Either way it’s hard to resist bidding with your heart and not your head.
The reality is that only one bidder can emerge from an auction with the keys, assuming that the reserve has been met. This will leave disappointed bidders, with many wondering what went wrong.
Having a Northern Beaches Buyer’s Agent at your side through the auction process can mean the difference between success and disappointment. We can help you understand the market in which you are looking to buy. In these confusing COVID-19 times it is more important than ever to know as much about your market as possible. Auction clearance rates have been varying wildly from market to market. For example, in the first two weeks of August, the auction clearance rates in Sydney’s lower north shore were 100% and 90%. Sydney’s general auction clearance rate was less than 70% in the same weeks.
While auction results are not the be all and end all when it comes to reading the market, they do demonstrate how different markets are within the city right now. And for some areas, auctions are proving an effective way to achieve prices well above both price guides and vendors’ reserves.
Regardless of where you are looking, investing in a specialist buyer’s agent makes good sense. At Lock & Key Property Buyers we offer a range of services, from auction support through to a full property search where we handle everything. Rather than requiring clients to choose service packages, we can custom-design the service that is precisely right for you.
Some will choose to keep us close by for their entire property hunt, negotiation and purchase, while others simply need support at auctions. We are specialists in the art of auctions, whether these are in-room or onsite auctions. We know when it is time to start bidding, how much to increase bids by, when to sit back and wait, and when to assert bidding power.
With 35 years experience in the real estate business, we have the runs on the board when it comes to knowing how to read an auction room and position our clients to give them the best chance for success.
Our competitive fees will vary according to the level of service you require, contact us to discuss how we can get you ahead of the game at auctions, and set you up to secure your next property.