Home Real Estate Auctions are Soaring Nationwide!
The number of homes being sold by real estate auctions is rising extremely quickly. The main reason for this is because real estate auctions benefit both the buyer and the seller. The seller is able to get rid of their property fairly quickly when compared to traditional selling methods and they also have about a 90% chance of selling their homes this way. The buyer is able to save money on the property as real estate auctions are typically excellent deals and the deal itself is very transparent in almost all cases.
Data released from several agencies indicate that in addition to the number of auctions increasing, the money that is spent on homes is also increasing. This also benefits both the buyer and seller. The seller gains the benefit because buyers are spending more and even though the buyer is spending more, they are still getting the property at a price that is below market value. When they sell, they can still make a profit. It is estimated that prices are up about 2-3% over a year ago, on average, depending on where the sale is taking place. In some areas, sales themselves have risen 50% over last year as well.
There are tons of advantages to sellers when it comes to real estate auctions. One of the greatest advantages, of course, is a quick turnaround. Another advantage is that any buyer will come prepared to buy. The property will be sold to buyers that are ready to pay immediately and the seller will know exactly when the property will sell. On top of all of that, there is no negotiation process and there will be an aggressive marketing campaign for the seller which will bring many buyers in.
Though there is a false sense that real estate auctions tend to benefit sellers more than buyers, this isn’t really the case. There are many ways that buyers benefit from these types of auctions in addition to the great prices they are getting. For example, the buyer knows that the seller is committed to sell. This means deals will not fall through due to the changing mind of the seller. Another advantage to the buyer is that they will know from the start when the closing dates are. This type of sale is competitive, fair, informative and there is no negotiation with sellers, which is a huge advantage to many buyers.
It seems like real estate auctions are certainly here to stay, at least for awhile. When this type of economic environment is upon us, for many buyers and sellers, this is the perfect way to sell their homes. As you can see above, both buyers and sellers can greatly benefit from these types of sales and there are also benefits to the general area when these sales take place. Furthermore, it is thought that these types of sales are also boosting the overall economy. If you are interested in learning more about buying or selling your home through auction, contact United Country Beloit auction & Realty, today.