By Peter Hornor, chartered surveyor and auctioneer with Brown & Co.
When’s the best time to sell a property by auction? Here are some tips:
Your objectives will be very relevant but if a house needs to be sold then it will not sell if it is not on the market. If it needs renovation and is perhaps an investment opportunity or cottage in need of renovation, or a house with scarcity value then it may well be that an auction sale is just the thing.
We would expect the market between now and the end of November to be active and we would certainly suggest that if you have a property that falls into this category that you should go to the market before Christmas.
Similarly, in an executor situation whether it is a rural, commercial or residential property and where the objectives are to dispose of a house that perhaps needs improvement and renovation we would certainly suggest going to the market before Christmas rather than after in order to get the job done and avoid deterioration.
Empty properties are certainly prone to deterioration or burglary, etc. if left unoccupied for too long. It is difficult to know what the market will do in the next few months and if a valuer could look into his crystal ball wouldn’t that be wonderful! The last 3 – 4 months has seen the business of buying and selling start again and transactions are taking place albeit at a lower level and the market has certainly been seen to be on the move. Auctions have perhaps been something of a revelation and where you have a suitable property for inclusion through this method of sale there is certainly scope for success and a premium price as well.
The economy is still going through a difficult period and with mortgages being fairly scarce and confidence still on a knife edge we think this approach is as good as any at the time of going to press.
*Peter’s at Brown & Co on 01603 767606.