In the last 6 weeks there have been numerous articles in major publications about the impact of the current economy on today's downsizing senior citizens. Wallstreet Journal, NY Times, NPR radio to name a few - have all hilited this issue. Senior citizens who have decided to move into senior citizen communities, assisted living and other downsizing scenarios have had to cancel these plan because of their inability to sell their homes in todays market. Many homes having been on the market for months or over a year. Those businesses supporting this niche market have also suffered by the increase in cancelled contracts and vacancy rates.
Is there a solution? YES
Auctions represent a perfect solution for these particular members of society who may be more motivated by a timeline and being able to manage their transition rather than rely on when a buyer may decide to make an offer. Auctions are date driven sales. They allow the owner to have complete control over the timeline of their transition plans. As for the market price? Well, you and I know that the buyers determine the market value regardless of whether it's an auction or conventional listing. The auction process simply accelerates the marketing attention, draws particular attention to the property and brings a sale conclusion in 4-6 weeks.
We recently signed an auction listing from a typical client in this scenario. When his wife fell ill, our client and his wife decided to downsize from their 5,000 sf golf course home and move closer to their children in another state. Their home will be sold to the highest buyer without reserve - this means that we'll be able to maximize the market value for him and get immediate attention in a market that is saturated with other executive homes for sale that have been sitting on the market for 12+ months. In addition, they are donating all of their remaining personal property to a local charity. Our auction services provide full servicing and we'll be able to maximize the value of those items and present a handsome check to the charity instead of the actual personal property items - saving the charity headache from figuring out how to turn those items into cash.
Linda Mardi, President
AuctionFirst specializes in the auction marketing method of selling real estate and providing full service offerings to senior citizens in transition.