Auctions :The Hot New Trend in Home Sales
Auctions are quickly transforming the nation's real estate market. No longer the last resort of homeowners seeking to dump distressed properties, auctions have become the sales method of choice for savvy sellers--- and buyers. In fact, the National Association of Realtors projects that 35% of all real estate sold in the U.S. over the next several years will be done so through auctions versus conventional real estate brokers.
[USPRwire, Wed Sep 05 2007] Auctions are quickly transforming the nation's real estate market. No longer the last resort of homeowners seeking to dump distressed properties, auctions have become the sales method of choice for savvy sellers--- and buyers. In fact, the National Association of Realtors projects that 35% of all real estate sold in the U.S. over the next several years will be done so through auctions versus conventional real estate brokers.
Increasingly, homeowners from all economic backgrounds are embracing auctions, preferring the many advantages this method provides such as the:
• Quick disposal of a home;
• Ability to present the property to a large number of pre-qualified buyers at one time; and
• Elimination of long negotiation periods
Former General Electric chairman Jack Welch sold two homes using the auction method. Welch turned to the auction method after trying unsuccessfully to sell his home for three years through traditional real estate channels. When he decided to sell another home, he immediately went the auction route.
Wayne Greer, president of Washington, DC-based Wadsworth Steele Auctions, has seen a dramatic increase in home sales through auctions. “More and more homeowners---wealthy, upper middle class and middle class--are choosing an auction over negotiated treaty (traditional real estate method)." For example, Greer tells of a current client, a frustrated retiree now living in Trinidad who owns a 2,056 sq ft home on 1.77 scenic acres in Pennsylvania’s Pocono region. "She had her home up for sale a year without receiving a single offer. Like a lot of people in her position, she turned to us and we're very optimistic that her home will be sold at auction later this month," he explains.
For prospective buyers, auctions offer significant benefits too.
• Auctions reduce time to purchase property
• The buyer knows the seller is committed to the sell
• Properties are usually purchased at fair market value through competitive bidding
"We think it's important to educate the public about the benefits of real estate auctions," explains Greer. Later this month on September 14th, the company will auction off the Pocono property. While the auction is expected to attract savvy buyers seeking an investment property, a second home, or a vacation getaway, Greer also encourages first-time homebuyers and those unfamiliar with the process to attend.
"Real estate is the foundation of wealth in this country, and more and more Americans are successfully using auctions as a way of securing their financial futures. It's important that property buyers and sellers be aware of all of their options" notes Greer.
About Wadsworth Steele Auctions: Wadsworth Steele Auctions is a premier leader in disposition of luxury homes in the Mid-Atlantic region - District of Columbia; Maryland; Pennsylvania and Virginia. Wadsworth Steele Auctions’ team of knowledgeable professionals has over 30 years combined Real Estate and Auctioning experience. The marketing department tailors successful marketing campaigns for clients by listening to their needs and conducting a thorough analysis of the market. This process produces satisfied customers of Wadsworth Steele Auctions.