Peter Hornor, chartered surveyor and auctioneer at Brown & Co in Norwich tells us more about preparing for an auction.
This week I am considering the merits or otherwise of two different properties, one in the city and one in the county, both of which should attract considerable interest from buyers. The city property is on Newmarket Road in a prime residential area, being a hall entrance mid-terraced house with 2/3 bedrooms, garden and in need of improvement. By way of contrast, the county property in Shotesham is an unusual period home with 4/5 bedrooms, walled garden and outbuildings suitable for a
number of purposes. This property requires renovation throughout.
In both cases the vendors objectives are to sell but at the best possible price. Brown & Co has had no hesitation in recommending an auction approach as the best method of sale in each case. It is likely that both houses will attract interest from different types of buyers and for different reasons.
In our view a concentrated marketing period over say 6 weeks, coupled with extensive website representation and good advertising will ensure
excellent coverage and the best chance of securing a sale at a premium price. There is also the important matter that an auction sale takes place over a relatively short period of time, which can help a great deal.
In this challenging market it can be very
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difficult to value property and at least an auction sale is transparent and enables the market to dictate what we can achieve.
*Peter Hornor’s on 01603 598238.