As foreclosures begin to rise in the luxury home market, an increasing percentage of these properties are being sold at auction.
In 2009, close to 19000 homes with values exceeding $ 1 million were in some stage of foreclosure. This represents a 160% increase from 2008.
At the same time, prices of homes in the luxury market on average have decreased approximately 25%. Values of luxury properties have taken even larger hits in specific areas of the country such as California, Florida, Nevada, Arizona and Michigan.
Many homeowners who are not candidates for short sales and want to avoid foreclosure are turning to qualified auction companies to assist in obtaining the highest value quickly as opposed to waiting months or years to sell through the traditional listing method.
Most homeowners who are on the market in this economy because they need to sell. If you are attempting to sell your property, regardless of value and are not a short sale candidate, you may want to consider the auction method.