Slowing Housing Market Begs The Return of the Home Auction

With the housing market starting to slow up a bit in some areas of the country, sellers are using more tools at their disposal than ever to get a house sold in a timely fashion. While these methods for selling homes vary greatly by region, nationally there has been a rise in the amount of real estate auctions seen. Naturally, auctions are not a new phenomenon, but to see them increasingly used as a primary tool in selling real estate is.

The potential pitfalls are many in the home auction business and while it is certainly one of the quickest ways to liquidate a home, it is often wrought with a great deal of uncertainty. What if your home doesn’t sell for the price you were looking for? What if the auction fees take out such a hunk of the selling price that you see little profit? These are key questions to not only ask yourself but to brace for if you pursue the auction as a selling method for homes.

The uncertainty is compounded by the selling slow down that has precipitated these extra auctions. As fewer homes are sold in a particular area, it becomes harder to peg down a selling price for your home based on comparable listings. If there simply aren’t enough comparable listings to form a solid case, the true value of your home can be hard to determine. That can leave a fair amount of guessing to be done when it comes down to an auction and estimating a final sale price...[more]

Related Resources:

• Auction Lawyers
• Auction Contractor
• The Auction Move
• Auction Relocation

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