Selling by auction - advice PLEASE!

Ginniegirl

Had my house on the market for almost two years with very little interest. Agent says there is nothing more I can do to make it more sellable, it's just the way the market is. They suggested today that I think about selling by auction. What do I need to consider??

Old_Git

consider why it is not selling . Is it overpriced .
I sold at auction in October .
My auction had a guide price ,a reserve price and a sold price .
Once the hammer comes down and you are past the reserve its gone.

[Deleted User]

If a house won't sell then the price is wrong. Selling at auction will get you a sale but that price will not be anywhere near what you're pricing it at now. Auctions are good for a quick sale but if you're already been waiting for 2 years you may as well wait a little longer and get a better price.

Do you have a link to the listing on rightmove or another website? The feedback people here can provide will be valuable and help you move forward. If you can't post a link post the postcode for the house and someone else will find it and post the link.

phoebe1989seb

I totally agree with citricsquid - in 2011 we considered selling our last house at auction, not because we'd been unable to shift it but because we feared it would take an age to sell as it was a unique character property in a not-so-nice area and we needed a quick sale to move closer to family. In the end I'm so glad we didn't go down the auction route, for whilst we lost money on our purchase/renovation costs we achieved an acceptable offer within two weeks - by pricing realistically

If we'd taken the decision to put it to auction I fear we'd have lost even more money. To illustrate the point, a house we almost went on to buy in 2011 had been up for just under £400k. There were various issues and long story short after we'd withdrawn our offer it went to auction with a £200k guide price, but didn't sell. After roughly two years on the market it eventually sold for £182,500 :eek:

My advice would be to look into the auction idea, but better still to re-assess your asking price based upon sold prices in your area.

Good luck........

tim123456789

citricsquid wrote: »

If a house won't sell then the price is wrong. Selling at auction will get you a sale but that price will not be anywhere near what you're pricing it at now.

This is not always the case

I've seen quite a few houses in my catchment sell at auction at prices above what they were marketed for through an EA.

(and obviously quite a few that sold for lots less)

tim