We should sell homes via auctions. They are open, fair, and effective.
In Australia, home auctions are the primary vehicle.
Here’s an example of dozens of people standing around in the street to auction a $2,000,000+ home:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
The benefits of home auctions seem clear. If they can do auctions for multi-million dollar artwork, why not $200K-$5M homes?
Curious to know why you think this approach hasn’t taken hold in the U.S. Thanks in advance!
When a house goes for more at a foreclosure auction than a highly comparable (identical floorplan, nearly identical location value) brokered house that sold over list & was furnished…
…the auction house needing at least some work….
How do you spot the shill bidder?
If I were the winning bidder I would have had a hard time continuing to bid based on how the auctioneer provided extra time for the other party.
Yes he did work it hard at the end, but I think his patience with those increased bids in $1,000 increments did tack on an extra $100,000 to the eventual sales price.
lifeisradincbad, a huge amount of fraud and chicanery goes on in the art world, as well as most collectibles sold primarily for status and emotional value. For example, see https://driventoabstractiondocumentary.com
I see real estate auctions as theater designed to inflate prices by creating artificial urgency, heightening and preying on buyers’ fear-of-missing-out emotions. The same reason auctions are used for art and collectibles.
I see real estate auctions as theater designed to inflate prices by creating artificial urgency, heightening and preying on buyers’ fear-of-missing-out emotions.
Hey, nothing’s perfect! 😆
But buyers would appreciate the transparency – and so would the sellers! The current blind bidding employed but virtually every listing agent in SD County is leaving loads of money on the table.