More Sellers Opt for Auctions
Daily Real Estate News | Wednesday, November 02, 2011
Home auctions are on the rise: According to PropertyAuction.com, a real estate auction Web site, from January to September of 2011 there have been 96,388 residential auctions posted on its site. Compared to last year’s 50,412 home auctions during the same time frame, that’s a 48 percent increase.
“As housing prices continue to drop and mortgage foreclosures reach staggering levels,
public auctions around the country are luring investors and first-
Moreover, the belief that only distressed properties top the auction block no longer
seems to be the case. Many sellers looking for a quick and possibly profitable sale
of their homes are seeing the upside of going the auction route rather than competing
with the overloaded inventory of homes on the traditional market. Sellers are aware
Some advantages of property auctions
And real estate companies are getting into the game. “Not only are auction transactions
trending upward, but new players are entering the auction business,” RealtyTrac says.
“Real estate companies are now getting into the auction business, competing with
traditional auction firms ... Sotheby’s, Prudential, Coldwell Banker, and other real
estate brokerages are launching real estate auction divisions to tap into this ever-
Source: PropertyAuction.com (Nov. 3, 2011)