Home auctions are becoming an increasingly popular way to sell homes quickly, but they rarely get the expected results for home sellers. Here are just a few reasons why a home auction may not be the best option for your home sale, no matter your time frame for selling your home, and how to sell your home quickly without resorting to the auction block.
1. Auctions are Alienating
Home auctions are high-pressure situations for everyone involved, from the sellers to the buyers. It’s intentionally made that way to drum up competing bids, but some people are simply better and more experienced at auctions. But a more experienced auction buyer isn’t necessarily the one with the best deal. In fact, many people who go to auctions looking for homes end up not participating, simply because the situation has too much pressure, happens too fast, and isn’t in their best interest.
2. The Process Can Be Quite Slow
Most auctions are built on the idea that they can sell your home quickly, but this doesn’t mean that’s what happens. In auctions, homes are bid on in a single sale. If the bidders don’t reach the reserve price, or the minimum price that the seller is willing to offer the property for, then it goes off the block and has to come on another day. Sometimes, the time between auctions can be significant, especially in a flooded market, which means your home may not be back on the block for some time. Time you could have spent selling it yourself using the right people.
3. You Don’t Control the Advertising
When you sell a home with a real estate agent, they work with you to ensure your home is seen by people that would want to buy your home. This includes physical and digital listings that are outfitted with the best photos and videos. Auction houses sell homes by bulk, which means they are busy advertising the auction itself more than your specific home, but you still need to pay them to do so. When you use a qualified and experienced real estate agent, you have a more focused marketing approach that can result in better buyers willing to pay better prices.
Home auctions may seem like an excellent idea, but they are rarely the best choice for serious home sellers. If you need to sell your home, be sure to have the right team behind you, including a qualified and experienced real estate agent. With the right kind of help, you can sell your home in the timeframe you need without resorting to an auction, and get more money from the sale.A