On a sunny afternoon in Florida, an energetic crowd gathers on the lawn of a high end luxury estate. A loud and eager banter between an auctioneer, a small grouping of bidders and bidder assistants fills the air.
For all minutes the auctioneer asks for the following highest bid and the bidders respond. Suddenly the bidders grow silent. The high bidder holds his breath in anticipation of winning the auction. The auctioneer demands yet another bid. In a noisy clear voice which rolls over the audience he says, "Fair warning, last chance" the auctioneer pauses, "SOLD!" And in under 10 minutes another multimillion dollar estate has changed owners.
Successful real estate auctions like the one above are happening all over North America and the Caribbean. Recently real estate auctions have already been on the rise, the increase in popularity is partly driven by growing inventories and real estate agent in leumeah fading buyer confidence. Properties that have been selling in weeks using traditional methods are now actually languishing available on the market struggling to attract buyers even as seller's lower prices. Many say the actual estate boom is finished but savvy buyers and sellers are profiting from real estate auctions.
Real Estate Auctions Work in Up or Down Markets.
No matter trends or market cycles, real estate auctions offer an open and transparent process for buyers and sellers. Properly conducted real estate auctions attract ready and willing buyers and motivate them to do something now.
The auction method removes the "wait and see" attitude which serves to further depress real estate values. Buyers are usually concerned with overpaying. Buyers gain confidence making use of their purchases at real estate auctions because they are able to see what others are prepared to pay.