A few weeks ago we listed our apartment for sale in order to generate funds for our super-secret business venture. Unfortunately, the auction was yesterday and we didn’t manage to sell it, so it’s now listed as just “for sale”. It is so interesting how the property market can “warm” and “cool” throughout the year based on small decisions made by people in fancy boardrooms. Two months ago it would have been bid on like crazy!
Throughout the campaign period, I knew things weren’t going well. The people who came to inspect were not the right people for the apartment (it has some small quirks which aren’t suitable for some people) but mostly everything just came up against us. The scaffolding on our building was meant to be taken down, but as usual was delayed. The carpet was being ripped up in the common areas thus making the hallways look lacklustre and unappealing. The pool was being worked on. There were builders everywhere… I could go on. The point it, it was clear it wasn’t going to sell at auction.
However, what I noticed (and the reason I am writing this) is that people around me, who I love dearly and who had the best of intentions tried to make me feel more confident about the situation with anecdotes and positivity. Stories about investors coming to auctions and bidding without viewing the property earlier. Stories of people coming along just for fun, getting wrapped up in the action and bidding anyway. Stories about their friends who did such and such. I know these stories were told to make me feel better, but are they really helpful? Is it better to come to terms with a possible outcome earlier or to ‘think positive’ and potentially be heartbroken later.
I know this seems like an extremely negative thing to say. But, had I taken these stories at face value, and started believing they could happen for me, I would have been extremely disappointed and developed the post-auction blues (sure, it could be a thing). I may not have been able to think clearly and prepare for what to do next, and I might have lead other parties on to think things were going much better than planned.
We have poured energy into making it look nice, working with what we have and can do within such a small space. We renovated the kitchen earlier this year resulting in the lovely one above (which I am going to sorely miss) and reinvigorated it from a bachelor pad to a place which can be called home. Obviously, I am disappointed it didn’t sell. However I don’t take it personally, I blame those boardroom honchos increasing interest rates for fun!
It is worth mentioning that I have no doubts our unit will sell… look at it! And, I am feeling confident that by selling it privately we will be allowing the right people to find and purchase it, and for the right price. I feel that auctions are stressful and that they exclude certain prospects from being interested in a property…. what first home buyer wants to bid for an undisclosed amount at auction when a bank could potentially turn them down due to size or other restrictions.
Have you ever had an auction, but not sold? How did it make you feel? Did you get the post-auction blues because of peoples well wishing, however well-intentioned they may have been? Let me know about it below!