With the autumn selling season upon us, more properties are hitting the market and some of them will go to auction.
Figures from the Real Estate Institute of New Zealand (REINZ) show that the number of properties sold at auction in February 2021 rose to 29.2% - the highest percentage of auctions we’ve ever seen in New Zealand.
Don’t get caught unprepared: If you’re looking to buy, there are a few tips for getting auction ready that you should know.
Use a broker
Working with a broker from the very beginning – even before you start going to inspect properties – will help you be ready for all possibilities. Brokers can help give you a better understanding of how the auction process works and will be able to help with financial requirements.
If you’re serious about buying, getting pre-approval to purchase the property at auction is arguably the most important step. Not only does this mean that you can bid with confidence on auction day, but it gives you important parameters for your property search.
When it comes to auction day, you’ll need to be ready to put down your deposit straight away if you are the successful buyer.
Don't blow your budget
The auction floor can be a daunting place. It’s important to set yourself a limit and stick to it so that you don’t spend beyond your means.
A broker can help you understand your capacity - what you can comfortably afford to borrow - so that you have the confidence to bid up to a certain amount.
For more information about how you can make sure you're auction ready, contact a Mike Pero Mortgage Adviser today.