Anyone who’s ever sold their home knows that it can be a stressful, difficult and downright expensive process. Following the burst of the housing bubble in 2007 it became especially challenging for people to turn a profit on homes on the open market. Some homes sat on the market for years, depreciating in value and costing homeowners many thousands of dollars in realtor fees and maintenance costs. As a result, some homeowners chose a different approach and took their properties to auction. Why?
They Generate Competition
Auctions create a sense of urgency and immediacy that can greatly benefit the seller’s bottom line. Think about the environment of an auction as compared to an open house. At an open house, prospective buyers have the luxury of being able to shop around and make a decision at a later date. At an auction, buyers are forced to make snap decisions in order to secure a property at that very moment. This can quickly drive up the asking price and allow sellers to get much more favorable deals.
They Attract Qualified Leads
The crowd at an auction typically differs from that of an open house in one other significant way. The people at an auction do their homework before they show up for the big event. They know what they’re looking for, and they know what they’re willing to spend to obtain it. Some of these people might be investors who make money flipping houses. Others may just be particularly savvy consumers. Regardless of the demographic, these people come to auction ready to bid.
They Can Be Very Cost Effective
The longer a house sits on the market, the harder it’s going to be to get a fair market price for the sale. Maintenance costs and realtor feels can be prohibitively expensive. In some cases, people will simply give up and decide to try again next year in hopes of a more favorable market. By selling your home through an auction company, you can cut out an enormous amount of this expensive waiting period. The auction will also do quite a bit of the marketing legwork for you prior to the auction. As a result, selling a home at auction can be far less expensive than selling it on the market.
Want to learn more about what it takes to sell your home at auction? Here at Wilson Auction & Realty Co. we have over 65 years of experience helping people to buy and sell homes at auction. Give us a call today to learn more about what it takes to sell your home at auction.