A question we are often asked by sellers is ‘what price will my property sell for? I don’t want to give it away at auction.” Well in short, the answer is you won’t. At the auction you know you have sold the property at the best price on that day. However, the guide price is critical to achieving the best price. Whilst it cannot be a false or misleading figure and must represent a level you would sell for, the idea at auction is to generate the interest through an attractive guide price, especially in the current market conditions. Once you have that interest, the auction process will lead you to achieve the best price possible through competitive bidding. You will know you have got the best price on the day as you sell to the highest bidder above the reserve, the last person with their hand in the air!
So if the guide price is right, you can expect strong interest levels and to achieve a great result under the hammer!