When the question of real estate arises, the conventional wisdom says that the auction sales are meant just for bank on properties and desperate sellers. But over the last few years, it has been found that auction platforms have shown a study growth from the aspect of selling homes. At the same time, more buyer engagement has been witnessed by the owner-occupant consumers.
According to the statistics, near about 25% of growth has been witnessed every year in the growth of online real estate auctions. Nowadays, buyers prefer to look for homes at auction sites as compared to the traditional and real estate listings. There are several places across the world where auction houses are quite popular. Both offline and online auctions are equally prevalent. It is needless to say that real estate auctions are the most efficient and smart ways of selling your residential property. There is no surprise that both sellers and buyers are now turning up to this targeted and accelerated method.
Four reasons for selling properties via auction houses
Save money and time
Options nowadays are not only limited to competitive markets and they prove to be helpful in the case of a downturn to sell properties quickly at good market values. It is very difficult to keep up with the pricing trajectory, especially in a slow market. Moreover, if there is a depreciation value of 5% of the market value every month and you are just reducing it by 2% per month, you will never be able to catch up. This is the exact reason why properties lingering in the market for 5 to 10 years never able to catch up with the pricing strategy. Auctioning a property can help you to avoid the lag. It ensures that you can sell your property at the true value. You can check out with real estate auctions in Florida for best deals.
Auction houses attract serious buyers
Usually, individuals having use capital amount prefer to visit the auction fairs. Recently, auction houses capture beats even from the regular house hunters. Near about 20% of the buyers nowadays are owner-occupants.
Repeat buyers of auction houses prefer to do two things - get into a highly competitive market that prove them to be a serious buyer or prefer to purchase a property that demands a little bit of renovation. There are several auction companies that prefer to undergo the pre-qualification process to ensure that they are serious about the deals. This pre-qualification process is essential before they can start bidding. In the case of offline action, the highest bidder needs to offer 10% of the fixed amount during the sale. This amount is non-refundable and ensures that the deal will settle down finally and also weeds out the non serious buyers.
The date of property selling is fixed
It is really expensive to hold onto a property. Selling your residential property via real estate auction houses can expedite the process. The method of auction helps you to know the exact date of selling the property, which can help you in preparing the budget accordingly. Sellers can simply avoid the expensive carrying costs like taxes, mortgage payments, as well as home maintenance. It can be said that budgeting for a specific sale date is much better than listing your property in the traditional method.
There are several other benefits of buying properties at online and offline auctions. Stay tune to us for regular updates and subscribe to get notifications about the latest posts in your inbox.