By STEPHEN HART

In a balanced market, a seller consults their real estate agent about the likely value of their house, the agent makes an estimate based on local sales information and an assessment of the property's qualities.

An asking price is agreed upon and the agent markets the property to prospective buyers. Some negotiation ensues and, after a counter-offer or two, a deal is struck. Both buyer and seller are working on the same terms.

But the last few years have seen a seller's market; house prices rise rapidly and there appear to be more buyers than sellers.

Real estate agents chase listings relentlessly, often at the expense of providing buyers with the best service. They know that buyers are two-a-penny. In these conditions, auctions come to the fore as the preferred sales method.

To be fair, in a hot market it is often difficult for an agent to provide a vendor with a reliable estimate of what their home will sell for. Who knows what some desperate buyer might pay?