When it comes to real estate, conventional wisdom is that auction sales are just for desperate sellers or bank-owned properties. But in the past few years, auction platforms have seen a steady increase in the number of homes sold, and far more buyer engagement from owner-occupant consumers.
In fact, online real estate auction sales have increased approximately 25% year over year, according to Nicole Messier, vice president of marketing at Altisource, a real estate company that handles auctions. “We are increasingly seeing users looking at auctions as they would look at any other type of traditional real estate listing,” Messier says.
In Lancaster, PA, a region where live auctions have long been popular among Amish and Mennonite communities, auctioneer and real estate agent Dave Longenecker has also seen a renewed interest from the wider community. Ultimately, auctions can be a smart and efficient way of selling your home in a variety of markets, and it’s no surprise that both buyers and sellers are turning to this accelerated and targeted method. Here are four reasons why selling via auction could be the right choice for you.