The start of a new year is always an exciting time, full of anticipation and new beginnings. With this in mind, the Edward Mellor auction team was keen to make sure our January 2024 property auction started the year off on the right foot.
Fortunately, the event was a smashing success, with the total amount raised from January’s property auction coming in at over £7 Million, with contracts exchanged on 47 properties – That’s 73% of lots sold at auction!
However, for those who are still interested, there are still a few properties available post-auction with some great deals to be had.
A great start to be sure, but we’re sure the best is still to come!
Our January 2024 property auction was a poignant one for many reasons. Not only was there the usual flurry of interest from buyers, but also several moving stories of sellers embarking on exciting new journeys or overcoming difficult times for some much-needed closure and a fresh start.
The human stories are arguably something we don’t talk about enough with our auction stories, so this month while we highlight the overall success of our January auction, we’d also like to focus a little on why people sell at auction and their motivations – because in the end, every property sold is still a home.
One of the key reasons people choose to sell their home at auction is speed – and nothing encapsulates this more than deciding to emigrate. Our client came to us as their property had previously gone to market and not sold.
Speed and certainty were crucial in allowing them to complete their move, so the client decided to approach Edward Mellor after seeing our auction boards and being impressed with our website.
We considered how their property hadn’t sold at its asking price of £160,000 while on the market with an estate agent and suggested that they set a more conservative reserve of around £140,000-£150,000. In the end, we finally decided on a guide price of £130,000 to generate plenty of interest, which worked fantastically for the client.
The property quickly hosted 37 viewings, with four pre-auction offers and on the day of the auction itself, sold for £178,000! Needless to say, the client was really pleased to have achieved such a good price and the freedom to begin the next exciting chapter of their life.
There are several reasons that people need to sell a property quickly and efficiently. On occasion, we work with clients who find themselves having to unexpectedly step in to oversee property sales, which can often leave them wondering where to turn.
In this example, the client had received some unfortunate news in their family and taken on the significant responsibility of managing someone else’s assets. The property itself was a charming three-bedroom semi-detached house on Ashdene Road in Withington, that although in need of a little TLC, was bursting with potential as a comfortable family home.
The team was quick to speak to the client and walk them through the steps of selling at auction, while also putting their mind at ease with some of our previous success stories. Soon the client was feeling confident enough to enter the property into our January auction and the process of marketing the property could begin.
After three short weeks of arranging viewings, talking to customers and taking care of all the behind-the-scenes preparations, the auction team was confident that they had done everything that they could to help the property excel at auction. All that was left to do was to wait for the big day and see how buyers would respond.
As the auction unfolded there were 17 bidders beginning at £190,000 before eventually finishing at £284,000 – Nearly £100,000 from where the action started! The vendors were naturally ecstatic having not only achieved more than £60,000 over their reserve price, but also from being able to watch the excitement unfold from the comfort of their living room.
It’s always rewarding to be able to deliver such a positive outcome to a difficult situation and the client called us directly after the auction to express their gratitude. Being able to change someone’s life for the better is something that we truly value.
Probate is another area where sensitivity and speed of sale are crucial. The sale of 76 Chelmsford Road in Edgeley is another example of where the professionalism of the Edward Mellor auction team resulted in a great outcome for one of our clients.
The vendor had been recently left a property by their late brother and was keen to travel to Barcelona, where they had shared several holidays together, as soon as possible. The client had received three probate valuations from other estate agents for £120,000, £125,000 and £130,000.
The property had also received several pre-auction offers and although speed was the client’s main motivation, they listened to the advice of our team and agreed to let the house go to auction. By choosing not to accept a pre-auction offer, the client was able to achieve a sale price of £155,000 on the day and was thrilled when we contacted them with the good news. Having shed a tear and thanking us for helping them along the way, the client was able to put a stressful time behind them and relive their cherished memories of their late brother.
Sometimes it is simply a matter of practicality that drives clients to approach us to sell their property at auction and such was the case for the seller of Hurstfold Avenue, Didsbury. The vendor initially contacted us after seeing a recent auction where a property similar to theirs had sold at a good price.
Their own property had previously been on the market for over six months with one sale falling through. By following our auction strategy they were able to generate huge interest with more than 50 viewings and eventually sell their property at slightly below the price it had been listed at on the open market. By selling at auction the seller was able to complete their sale quickly and receive the proceeds into their bank account in just 28 days!
It’s been a pleasure to once again recap another successful property auction and we can’t wait to see what else 2024 will have in store for us. This is where you come in – if you are considering selling a residential or commercial property at auction, don’t keep us waiting! We’re here and looking forward to guiding you through the process and getting your property sold quickly with the best-in-house service that only comes with Edward Mellor.
To find out more about selling at auction or to register to bid at our 14th-15th February auction, please contact the team on 0161 464 7903 or email [email protected].
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