Bidding Wars; Real Estate Edition
Selling or purchasing property is one of the most significant financial transactions many of us will ever undertake. Here at Miedema’s we get that, and that’s why we are consider an expert in all things real estate.
In today’s competitive market, auctions have become increasingly common. When an auction is held, multiple buyers compete for the same property. During an auction, bidding wars can occur – this has potential to drive the price above the initial listing. To help you better understand the market of selling or buying real estate through an auction, we put together a few informative facts below:
What is a Real Estate Auction?
A real estate auction is a public sale where properties are sold to the highest bidder. This process is managed by our teams at Miedema Auctioneering and LASTBIDrealestate. Auctions can be conducted live, online, or as a combination of both.
Transitioning from Traditional to Auction
According to the National Association of Realtors (NAR), the use of auctions for selling your property has increased by 15% annually over the past five years. In 2023, nearly 25% of residential properties in major metropolitan areas were sold through auctions compared to just 10% in 2018.
Future of Auctions
The trend towards auctions in real estate is expected to continue growing. This increase is driven by both technological advancements in online auction platforms and changing consumer preferences for more transparent and efficient buying and selling processes. With their numerous benefits, auctions are becoming a preferred method for both buyers and sellers, promising a future where real estate transactions are easier and more profitable.
Looking to view our current upcoming auctions? Visit us here and don’t forget to sign up for our email notifications to stay on top of all the real estate that sells on LASTBIDrealestate.com. If you are interested in talking to our experts at Miedema’s, contact us and we would love to chat with you about your real estate.