Hi, I’m Peter Jones. Property investor, author and ex charted surveyor, and I’m here at Nottingham Racecourse because I am going to be going to the SDL auction, property auction. They’re my local auctioneers. I love to pop in from time to time and see what’s happening in the auctions because you can learn so much.
One of the things which I’ll be looking for is how many people there are. I’ve been to auctions where the property market’s been so busy that when you get to the auctions you can’t even get in through the door, people are queuing down the corridors. Then again, I’ve been to other auctions where there’s been tumbleweed blowing through, so it’ll be interesting to see. It’ll give an idea of how the markets doing at the moment.
The other thing which I like to look for is to see, not just what’s selling and at what prices, but how many people are bidding? And, if a property doesn’t sell, how close does it actually get to the reserved price?
Now, we don’t know what the reserved price is, it’s a secret, but quite often the auctioneer will say something like “that was very close, come and see us, we can probably do a deal”. That gives you a clue as to how strong the market is.
So, I’m really looking forward to this. I’m excited about it.
Peter
Peter Jones
(ex) Chartered Surveyor, author and property investor
https://thepropertyteacher.co.uk
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