When it comes time to sell your property, you likely would prefer to stick with the process you know. The traditional market is a popular choice and something most sellers understand to some degree, but it’s not your only option. In fact, sometimes it’s not even the best option if you want to get a fair market price for what you’re selling.
Auctions are often a great alternative to selling on the traditional market. We know it might seem intimidating to choose a process you’re not familiar with, so we’ve created this blog to help you understand the main points of the auction market, such as how auctions work, how they’re different from traditional sales, and why you should work with a modern, full service auction company.
Most people know the basics of an auction: an item is up for sale, people place bids, and the highest bidder wins. But what few people realize is that there are lots of different ways to approach this process. Sellers can set reserve prices, set minimum opening bids, and even turn down the highest bid if they want. It all depends on what type of auction you use.
To help you understand all the options you have with auctions, we’ll discuss six different types of auction and who they’re typically best suited for.
When you’re ready to sell your home, it’s important to consider all your options. You could sell on the traditional market and go through the standard process of listing your home, waiting for potential buyers to contact you, and negotiating a deal. Or you could consider selling your house at auction for a quicker process that’s often less hassle.
These two routes differ in a few significant ways, which is why it’s important to understand both the sale by owner and auction process. In this article, we’ll review both routes for selling your home to help you determine if the traditional methods or a home auction is the best fit for you.