EVES auctions last week defied everything that economists and reporters are talking about which is creating instability in some people’s decision-making process when it comes to making a real estate transaction.
With 18 auctions scheduled for the week, one was sold prior and a further 10 sold under the hammer on auction day. The auction was brought forward on two properties due to buyers entering into an early contract with the sellers and the competitive nature of the auction process kicked into gear seeing buyers competing fiercely with the confidence that they were buying a good property given someone else also wanted it at the same time. Other owners were delighted with their results which have allowed them to move on with the confidence of an unconditional sale generated by the auction rather than pushing the pause button and having to wait to see if a conditional sale proceeds.
Despite what happens in life, it’s important to remember that the reasons people buy and sell property never change and the real estate market never comes to a complete stand still. It just keeps on turning and when a buyer finds a property that suits their needs they should act immediately to secure the home of their choice as it may not be available in days or weeks ahead. This is particularly applicable to those waiting for interest rates to fall, the home of your choice is likely to be someone else’s home when the banks finally act.