Ponca City property auctions have long been used by banks and desperate homeowners who need quick sales. Today estate auction sales are increasing at the rate of 25% a year and all types of property owners take advantage of them. Owners sell via companies like Business Name in order to expedite transactions. Property Auctions in Ponca City Oklahoma are also excellent choices for those who want to attract only qualified buyers and maximize sale prices through competitive bidding.
Homes Often Sell More Quickly
Many homeowners use Property Auctions in Ponca City Oklahoma in order to sell as quickly as possible and still get their home’s true value. Slow real estate markets can make it hard for sellers to keep up with current pricing. Using traditional methods many lower their asking price several times and still end up overpricing their homes if market values decrease at a faster rate. Homes can be on the market for months. Auction sales are quick and sale prices tend to reflect actual values.
Auctions Attract Qualified Buyers
Both investors and serious buyers are attracted to auctions. There is no need for sellers to continually host showings and ensure that their homes are always guest ready. Auctioneers estimate that about 20% of bidders are owner-occupants who are looking for homes to renovate. Many also use auctions as a way to get into highly competitive real estate markets. All buyers have to be pre-qualified before they are allowed to bid. They usually need to leave a non-refundable deposit if they win, which helps to filter out those who are only looking.
Competitive Bidding Can Raise Sale Prices
A common reason to sell at auction is to take advantage of the buyer’s rush. That is a situation where two or more interested parties are bidding for the same property and continue to raise the price. Auctions are famous for creating that competitive energy. The atmosphere plays into buyers’ emotions. As a result, owners often sell properties for thousands of dollars over their original estimates.
Many property owners now sell homes at auctions in order to get the highest possible prices via competitive bidding. Auctions tend to attract serious investors and buyers who are qualified to buy the homes they bid on. Sellers also avoid months of showing their homes and trying to estimate the best selling price. You can also follow them on Twitter.
