It may feel like an odd time to make a large purchase, but many Americans are currently choosing to become new homeowners. According to the latest report from the U.S. Census Bureau, homeownership jumped to a rate of 67.9% in the second quarter of 2020. This is a sharp increase of almost 4% from last year and is the highest rate since 2008.
With a global pandemic and other issues causing instability in our society, buyers seem to be finding security in homeownership. This is especially true for young adults and minority populations across the country.
More people looking to purchase also means a more competitive market. Therefore, buyers are seeking less conventional methods for acquiring a new home. Not all homes sold at auction, for example, are foreclosed homes and more people seem to be going the auction route.
According to an article on the future of auction sales from DS News—a publication for professionals across the mortgage and housing sectors—multiple competing bids for properties are up to some of the highest levels ever recorded on one online listing site.
The current climate is especially attractive to investors looking to cash in on the booming market. Earlier this year, the increase in average price for foreclosures was nearly twice that of the larger retail market.
For current owners looking to sell their property, a live auction service can provide exposure to an entirely different base of prospective buyers. The risks traditionally associated with selling property at auction can easily be mitigated through selling with a reserve or without a reserve, but subject to a minimum bid.
Another benefit for the seller is offloading a home as-is; which saves both parties from back and forth haggling over small repair items that often become bargaining chips in a traditional sale. Selling a home at auction is many times quicker than listing the home with a realtor while also avoiding prolonged negotiations and showings.
The expedient nature of live auction services is a perk for buyers as well. With less competition than more traditional sales, there are also more opportunities to purchase homes at or below market value.
Selling your property at auction begins by contacting an experienced service like Brooks Auction Services. Call Brooks Auction Services at 864-379-1011 or use our online contact form to request more information about selling your property at auction.