According to this Sun-Sentinal.com article auctions are fast becoming a popular way to buy and sell property but don't expect bargains or you might be dissappointed. The article states:
Residential home auctions are becoming popular with sellers nationwide, as properties are taking longer to sell than in previous years. Public auctions generated more than $14 billion in sales in 2005, according to the National Auctioneers Association. Such auctions accounted for 6 percent of all U.S. real estate sales in 2004 and are expected to grow to 30 percent by 2010.
This LaTimes.com article states:
More accepted as a way to sell real estate on the East Coast, the trend has taken longer to capture an audience in the West, where buyers have considered home auctions as the last-chance route to a home sale.
"So many people here think auctions are only for distressed or really bad houses," said Marti Barajas, an executive for Pacific Auction Exchange, a real estate auction franchise company. Most homes sold at auction, she said, get there because sellers chose to sell them that way.
How popular has the home-buying niche of auctions become? Gross sales of residential properties rose nationally to $14.2 billion in 2005, up 24% from $11.5 billion in 2003, according to estimates reported by the National Auctioneers Assn., an auctioneering trade group.
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