28 Mar Auction Effect in Atlanta Real Estate
The old adage “Location, Location, Location”, while still true to a degree, is being trumped in today’s market by the Auction Effect. Properties in some of the best selling locations historically are sitting on the market while others in the outlying suburban and in-town transitional markets are selling like crazy. While the best neighborhoods will always sell, the properties that sell fast, regardless of location, have adapted to meet market demands.
The Auction Effect leverages the notion of perceived value to create buyer urgency. Buyers react quickly because they see value and the sellers benefit because they do not have to negotiate. The faster a property sells the more money a seller will net…the statistics on this are particularly compelling.
One word of caution…this is not just about price. If you price your house at a level that you think will create urgency but don’t take the necessary steps to make sure it attracts the right buyer you will end up with a bunch of bottom feeders looking for the next greatest deal. To pull off the Auction Effect, you must prepare, plan, and execute. When you do…the results speak for themselves.