Spencer said:I'm just curious to hear everyone's opinons on real estate auctions. Do you believe in them? What do you think about the initial fees and buyers premium?
GVM said:The problem with auctions is that many people think an auction will change market fundamentals...which it usually won't. The best way to sell a property is to price it so that it's attractive to a buyer. In today's South Walton market, that means turning the price clock back by about 3 years and get the widest exposure possible, and that's usually by listing with a Realtor. Say what you want about Realtors, but they're the ones with the buyers. Unless you just want to unload a property at any price --- and it's done every day by estates and other circumstances --- I think an auction would be a terrible way to sell property in South Walton under current conditions. Just my opinion.
Spencer said:I'm just curious to hear everyone's opinons on real estate auctions. Do you believe in them? What do you think about the initial fees and buyers premium?
From what I am seeing and hearing at auctions, there are not 10-15 people bidding. Most of the time, there may be 2-3 bidders, and I know of plenty with one or zero bidders. Are you suggesting that your auctions are different?Spencer said:I've been doing some research on this and have seen a lot of different views. One of the main points the auctioneers are making is that there is no better way to set a price on a property than having 10-15 people competitively bidding against eachother. A property is worth only what someone is willing to pay for it. What's your view on that?