Builders, sellers turn to home auctions
February 8th, 2008, 1:23 pm · 1 Comment · posted by mistywilliams
Disheartened home sellers and builders aren’t giving in just yet.
Entangled in one of the most competitive housing markets in recent memory, they’re veering off the beaten sales path and are giving home auctions a try.
In 2007, the real estate auction market generated $58.4 billion — remaining one of the fastest growing auction sectors, according to a new report from the National Auctioneers Association. Of that, residential real estate auctions saw the largest growth — rising 5.3 percent from 2006.
It’s a notable trend that has made its way to the Valley.
An Irvine-Calif. auction marketing firm hosted a massive auction in Mesa last fall, putting up nearly 100 houses for sale.
In January, brokerage firm AuctionAZ.com announced plans to hold as many as four home auctions a month with up to 40 Valley properties for sale at each event.
And later this month, Scottsdale-based builder Cachet Homes will auction off nearly 50 single-family homes, townhomes and condominiums in Buckeye and Flagstaff.
So, potential buyers keep a look out. There are some screaming deals to be had.
February 9th, 2008 at 5:53 am
That`s a very tempting and exciting idea to gain your dream home through an auction however I think that it could be quite risky because you don`t have a general outlook about the imperfections of the house. I couldn`t imagine myself to get involved in these kind of procedures during the period choosing among the Toronto houses. Despite of the fact that is worth to be careful especially if you are a first-time home buyer, you can fish out great deals if you are lucky.