With the U.S. housing market continuing down the road to recovery, inventory remains tight as home sellers are waiting it out, hoping to regain some of their home equity lost during the downturn. One buying and selling option often overlooked by consumers is property auctions. Because property auctions are not considered a traditional method of selling or buying, misperceptions and myths abound about the auction process. Here are several myths debunked.
Myth No. 1: I won’t get the price that I want
Truth: Home auctions allow interested buyers to compete with one another for the home they want. It’s this competition that brings out the true market value of a home. On auction sites, bids are placed in a transparent marketplace, so buyers can see offers and interest in real time. Additionally, sellers set a reserve price, which is the minimum amount of money they will accept for their home. Meanwhile, buyers benefit by seeing exactly how much money it will take to be the “highest bid” instead of wondering why their offer wasn’t accepted in a traditional process.
Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Property Auctions: Myths vs. Truth | Bedford Corners Real Estate.