Selling a Home Via Auction Growing in Popularity

The Real Estate Bloggers just posted this article on their site on October 27, 2006.  My comments on their article are posted on that page – yep, I liked it. 

It’s definitely a good read and worth the time to take a look at their site – they have lots of great articles on Real Estate Auctions like:

• New Jersey Real Estate Ponzi Scheme Crashes, Affordable Homes Properties to be Sold at Auction
• Forclosure Auction Buyers Losing Interest in Housing Inventory
• JFK’s Grandfathers Summer Home Sells At Auction for Steep Discount

*************************************************************************

 The Real Estate Bloggers 10/27/06

If you are looking at selling your home quickly, a growing trend in the country is using the auction system. Homes sold via auction increased by 5.9 percent in 2006 and auctions have been trending upwards over the past 5 years.

While using an auction may seem unconventional, people interested in a quick sale have used this effectively. There is an excitement that auctions bring that is done correctly can significantly increase the price of a sale, and if you use the minimum bids correctly, you will be out only the fees to the auctioneer if the home does not sell.

As the real estate market cools and homes languish longer awaiting a buyer, both residential real estate “buyers and sellers are turning to the auction method, and we foresee this trend continuing to increase,” William Sheridan, president of the Overland Park, Kan.-based trade group (NAA), said in a statement.

The number of residential real estate auctions, the industry’s fastest-growing segment, grew 4.5 percent in the third quarter. While residential real estate has the hottest hand, the three biggest segments of the auction industry are automobiles, land and agricultural real estate, and agricultural machinery and equipment.

The auction industry is expected to generate total revenue of $254.4 billion in 2006, up from $240.2 billion in 2005 {via the Chicago Tribune}.

*Thank you to TransparentRE for sending me the link to this article!*