Property Auctions – Good Idea?

Property Auctions – Good Idea?

March 21, 2015

One question that I regularly get asked is “Would you recommend going to any auctions to buy?”. My answer would be yes definitely!

I regularly attend auctions for a number of reasons and over the past few years I have always felt that they give a good impression of how busy the property market is.

A few years ago I used to go auctions every few weeks and there may have been twenty or so people sitting waiting for proceedings to start, all of whom probably had some link to some of the properties available. It may have been that they were the owners, a nosy neighbour, current agents or just people like myself keeping an eye on things.

Move things along three years and the most recent auction that I attended earlier this month, I struggled to get in to the room as three to four hundred people squeezed in to experience the thrill and buzz that a busy auction room can generate. The auctioneer had run out of brochures as they themselves had underestimated how busy the afternoon would be.

There is no doubt that buying at auction has its benefits as you can avoid that sometimes long drawn out purchasing process, as once the hammer is down, it’s nearly yours!

You do however still need to be careful and not get lost in the moment! I’m sure some of you will have done the same as me when on small auction websites and  get carried away bidding as “its only another couple of quid”. Make sure you do your research, know how much things are worth, set yourself a  limit and if its more than you wanted to pay then stop!

If you are thinking of attending an auction then come and speak to one of the team. We know Leeds and West Yorkshire very well and will be more than happy to give you a good insight in to the property you’re interested in whether that be buying or selling.