Auctions: a Growing Niche

What’s the fastest growing niche in real estate, one that’s seen an increase in residential sales volume of 48 percent in the past 60 months?

moneyhouses

The answer is auctions, they’re booming while just about everything else in commercial and multifamily is flat or declining.

Last year alone, $59 billion was sold in private live-auctions, according to the industry’s trade group, the National Association of Auctioneers. This year, with commercial real estate in a free-fall in some urban areas, auction volume is expected to be even higher.

But why should owners of investment property give serious consideration to auctions? Realty Times talked with several key leaders in the auction field about that last week.  Read more…

Original article by Kenneth Harney.

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One response to this post.

  1. Auctions are a great opportunity for both seller and buyer—especially at the upper end of the market. The seller knows that his/her luxury home will sell on a certain day, at a certain time, at fair market value. This eliminates months or possibly years of carrying costs and frees up liquidity that can be invested elsewhere. In addition, most auctions are 30 day cash deals with no contingencies involved. For the buyer, an auction provides for a very smooth transaction and the ability to buy a good property at a good price.

    Reply

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