{"id":2191,"date":"2021-07-01T11:22:56","date_gmt":"2021-07-01T01:22:56","guid":{"rendered":"https:\/\/www.kardiniaproperty.com.au\/?p=2191"},"modified":"2024-02-02T13:39:34","modified_gmt":"2024-02-02T02:39:34","slug":"its-time-to-take-off-the-mask-geelong-real-estate","status":"publish","type":"post","link":"https:\/\/www.kardiniaproperty.com.au\/its-time-to-take-off-the-mask-geelong-real-estate\/","title":{"rendered":"It\u2019s time to take off the mask – Geelong Real Estate"},"content":{"rendered":"

It\u2019s time to take off the mask.<\/p>\n

Unfortunately I\u2019m not talking about our covid-enforced protective face masks.<\/p>\n

No, I want to outline some of what is being masked by the current booming market, and explain some of the perception Vs reality of public auctions.<\/p>\n

This is not intended to be an antagonistic article, nor negative \u2013 because there is a positive solution \u2013 but simply a balanced account of an actual scenario which is representative of happenings every weekend across the country, and portrayed with absolute positivity in the local news, whereas other sales methods achieving often even better results receive pretty much zero publicity.<\/p>\n

There was a property in our local area that was recently publicly auctioned.\u00a0 Prior to the auction, buyers were told, verbally and by the agent\u2019s statement of information, as well as in a newspaper article, that the property was likely to sell in the price range $530,000 \u2013 $570,000.<\/p>\n

I spoke with a couple of different people in the lead-up to the auction who were interested in this property.<\/p>\n

One of them would have been delighted to be able to buy it at the top of the estimated range, $570,000.\u00a0 I explained that it seemed fairly clear that the price range being quoted was under what it will likely sell for, however they were told by the selling agents that there wasn\u2019t too much interest and they should definitely come along to the auction.\u00a0 They ended up working out that they would go up to $600,000, $30,000 above the highest price being quoted, and went along to the auction, anxious but hopeful.<\/p>\n

Another couple I spoke , who really fell in love with the home, decided that they were\u00a0prepared to pay up to $650,000<\/strong>!\u00a0 Prior to the auction they indicated they would be prepared to offer between $630,000 and $650,000 (with a view of coming up to $650,000 if required) but this was dismissed by the agent with the response that the sellers wouldn\u2019t accept such an offer prior to the auction.\u00a0 This couple\u2019s bank had an administrative delay with their finance approval meaning they weren\u2019t comfortable to bid at auction, since a public auction doesn\u2019t allow the flexibility of a finance clause \u2013 even though their approval was essentially to be a formality.<\/p>\n

Luckily the first couple hadn\u2019t spent hundreds of dollars on pre-purchase inspections, all they lost was their time and some of their faith in the system, when the property\u00a0didn\u2019t even go on the market until bidding reached $600,000<\/strong>.\u00a0 Going \u201con the market\u201d occurs when a property\u2019s reserve price is reached.\u00a0 This is the seller\u2019s\u00a0lowest price<\/strong>\u00a0they were prepared to accept.\u00a0\u00a0This despite the agency publicly displaying an estimated price range of $530,000 to $570,000.\u00a0 \u00a0<\/strong><\/p>\n

The property ultimately sold for $622,000.<\/p>\n

$52,000-$92,000 above what was quoted pre-auction, yet only $22,000 above reserve.<\/p>\n

And $28,000 below what another buyer was prepared to pay.\u00a0 Through a common delay with the bank, and the inflexibility of the public auction method, they were left distraught and in tears.<\/p>\n

Most buyers I speak to are frustrated by the process.\u00a0 Most sellers are unknowingly losing money with this process.<\/strong><\/p>\n

\u00a0<\/strong>Yes, this booming market is hard to keep up with.\u00a0 However it shouldn\u2019t be a mask for practices that leave buyers and sellers disillusioned or disadvantaged.<\/p>\n

There is a simpler way. A smarter way. A fairer way.\u00a0 A way with less losers and more winners.<\/p>\n

Ask us about our\u00a0smart sale<\/em><\/strong>\u00a0method today.<\/p>\n

The smart sale, in a seller\u2019s market like we are in today, can and often does result in sales well above asking prices, however\u00a0a stated asking price will always be a price that the seller is happy to accept<\/strong>.\u00a0 All buyers are given an equal opportunity to put their best proposal forward, without disclosing their offers to others, and with the benefit of being able to have flexible terms and conditions that can benefit both buyer and seller.<\/p>\n

I\u2019m not for one second saying that public auctions aren\u2019t getting high prices and impressive results at the moment.\u00a0\u00a0So are ALL methods in the current market<\/strong>.\u00a0\u00a0You just won\u2019t read about the others in the paper.<\/strong>\u00a0And there can be a big difference between HIGH and HIGHEST.<\/p>\n

The\u00a0smart sale<\/em>\u00a0is the best method when there are multiple buyers, and the only\u00a0truly\u00a0<\/em>effective method when there is one buyer.<\/strong><\/p>\n

Article written by Lucas Wilson<\/em>\"real\"Kardinia<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s time to take off the mask. Unfortunately I\u2019m not talking about our covid-enforced protective face masks. No, I want to outline some of what is being masked by the current booming market, and explain some of the perception Vs reality of public auctions. This is not intended to be an antagonistic article, nor negative… Read more »<\/a><\/p>\n","protected":false},"author":5,"featured_media":1577,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,5],"tags":[15,42,16],"acf":[],"yoast_head":"\nIt\u2019s time to take off the mask - Geelong Real Estate - Kardinia Property<\/title>\n<meta name=\"description\" content=\"Discover the truth about public auctions in the booming Geelong real estate market and explore a smarter, fairer selling method.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kardiniaproperty.com.au\/its-time-to-take-off-the-mask-geelong-real-estate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s time to take off the mask - 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