Are you considering selling your home? If so, you may be wondering how to go about it. There are several ways to sell a home, and each has its own benefits and drawbacks. One option that is growing in popularity is selling your home at auction. Auctioning your home has advantages over other methods of selling. So if you’re thinking of selling your home, consider the benefits of doing so at auction. It’s a fast and effective way to sell your home, and you could end up getting more money for it than you would through other methods. In this article, we will explore five solid reasons to sell your home at auction.
1. Sell your home quickly
When it comes time to sell your home, you want to get the best possible price for it. But what if you need to sell quickly? Is it worth sacrificing some money to unload the property quickly and move on with your life? In some cases, selling quickly can be a great way to get your home off your hands.
You Won’t Have to Deal with Maintenance and Upkeep
Once you sell your home, you won’t have to worry about things like mowing the lawn, fixing broken appliances, or painting the walls. All of that will be the responsibility of the new homeowners. If you’re in a situation where you can’t keep up with the maintenance on your home, selling quickly may be the best option for you.
It’s Less Stressful Than Going Through a Long Sale Process
Selling a home can be a stressful experience, even if everything goes according to plan. But if you need to sell quickly, going through a traditional sale process can be even more stressful. With a quick sale, you can avoid showings, open houses, and all of the other hassles that come with selling a home.
You May Be Able to Avoid Paying Real Estate Commissions
If you sell your home through a real estate agent, you’ll likely have to pay a commission equal to a percentage of the sale price. But if you sell your home at auction, the buyer pays all commissions. This can save you thousands of dollars and allow you to sell your home without having to go through the hassle of listing it with an agent.
2. You know the exact date your home will sell
Many people put their homes on the market with the hope of receiving a good offer from an interested buyer. But what if there were a way to guarantee the sale of your home within a specific timeframe? Home auctions have seen an uptick in popularity in recent years as more and more people are interested in the process. Here are some advantages of selling your home at auction that you may not have considered.
Auctions are transparent
When you list your home on the MLS, you are trusting that your real estate agent will market your home properly and find a buyer who is willing to pay a fair price for your property. But the entire process is shrouded in mystery; you don’t know how long it will take to find a buyer or how much they will be willing to pay. With an auction, however, the sale of your property is transparent; you’ll know exactly when your home will sell because there is a set auction date.
Auctions are quick
The traditional way of selling a home can often take months, or even years, to finally close the deal. If you need to sell your home quickly for whatever reason, an auction is the way to go. Auctions typically last 30-60 days from start to finish, which means you could have money in hand much sooner than if you had listed your home on the MLS.
Auctions reduce stress
One of the main reasons why people choose to sell their homes at auction is because it significantly reduces the amount of stress that is often associated with selling a property. When you list your home on the MLS, you have to keep it in pristine condition at all times in case someone wants to come and see it. With an auction, there is no need to keep your home “show-ready” because you don’t need to show it or host open houses. Plus, once the gavel falls and your home is sold, you’re done! There’s no going back and forth with buyers who are trying to lowball you or haggling over repairs that need to be made before closing.
If you’re thinking about selling your home, you should definitely consider putting it up for auction. Auctions offer many advantages over traditional sales, including transparency, quick turnaround times, and reduced stress levels. So what are you waiting for? Contact a local auction house today and get started!
3. Set a minimum price
As we have discussed, one way to streamline the home-selling process is to put your property up for auction. But before you do, you may want to consider setting a minimum price. Here’s why setting a minimum price can be beneficial:
1. You’ll have peace of mind knowing that you won’t go below a certain amount
When you list your home on the MLS, there is always the risk that the only offers you receive will be lower than what your home is actually worth—and your realtor might encourage you to accept one of these offers. This can happen for a variety of reasons, including it being a buyers’ market or simply because the buyer knows that you are desperate to sell. If you set a minimum price for your home before putting it up for auction, you’ll have peace of mind knowing that you won’t go below that amount.
2. It will help to ensure that the auction process goes smoothly and quickly
If you don’t set a minimum price for your home before putting it up for auction, the auctioneer may have to spend a lot of time trying to drum up interest from potential buyers. This can lengthen the process and cause auction attendees to lose interest. By setting a minimum price, you can help to ensure that the auction process goes smoothly and quickly. When you work with Looper Auction and Realty, our experienced team will help you determine a minimum price that you are happy with and that we know will positively influence your home’s sale at auction.
3. Buyers will know that you are serious about selling your home and that you are not just testing the market
If you set a minimum price for your home before putting it up for auction, buyers will know that you are serious about selling your home and that you are not just testing the market. This can help to attract serious buyers who are more likely to follow through with their bids.
If you’re thinking of selling your home, setting a minimum price before going to auction is definitely something to consider. It’s a great way to ensure that you get the best possible price for your property while also avoiding any potential pitfalls that could prolong the selling process. Keep in mind, however, that ultimately the decision is yours and you should do what feels right for you and your situation.
4. Attract serious buyers—and more of them!
With traditional home sales, there’s always the chance that a potential buyer will back out at the last minute or that the sale will fall through due to financing. With an auction, however, buyers are required to put down a deposit and sign a contract, making it a much more binding agreement. As a result, auctions attract serious buyers who are more likely to follow through with the sale. Plus, auctions typically result in a higher sales price than traditional home sales.
The benefits of auctioning your home
Auctioning your home has a number of benefits when compared to traditional home sales. Auctions typically result in a higher sales price than traditional home sales. This is because potential buyers are competing against each other, driving up the final bid price.
Homes sold at auction close faster
Unlike traditional home sales, which can often take months to close, homes sold at auction typically close within 30 days. This makes the entire process much quicker and less stressful for all involved.
Sell with confidence
Because buyers are required to put down a deposit and sign a contract at the time of the auction, there’s much less chance that the sale will fall through—giving you peace of mind that you will receive the agreed-upon purchase price for your home.
With an auction, buyers are required to put down a deposit and sign a contract, making it a much more binding agreement. As a result, auctions attract serious buyers who are more likely to follow through with the sale.
5. There’s no ceiling price when you auction your home
You want to get the most money possible for your property. The good news is that when you sell your home at auction, there’s no ceiling price. This means that you can potentially get more money for your home than you would if you were to list it with a real estate agent. There are a number of reasons to sell your home at auction, but the most important one is that you’ll get the best price for it. Here’s a closer look at how selling your home at auction can help you get top dollar for your property.
1. You’re in control of the sale price
When you sell your home at auction, there’s no telling how much money you’ll ultimately get for it. That’s because the sale price is determined by whoever places the highest bid on your home. This is in contrast to selling your home through a real estate agent, where the listing price is set by the seller (with input from the agent, of course). By selling your home at auction, you’re essentially putting yourself in the driver’s seat when it comes to setting the sale price.
2. There’s no risk of your home selling for less than it’s worth
When you list your home with a real estate agent, there’s always a risk that it will sell for less than what it’s actually worth. Of course, real estate agents do their best to prevent this from happening by pricing homes competitively. However, even if an agent does their due diligence, there are no guarantees. On the other hand, when you sell your home at auction, there’s no risk of this happening since buyers are bidding against each other—not against a set asking price. As such, they’re more likely to continue bidding until they reach a fair market value for your property.
3. The auction process is fair and transparent
When selling anything—be it a car, a piece of jewelry, or a work of art—it’s important to operate with integrity, ensuring that potential buyers have all the information they need to make an informed decision. This is especially true when selling something as expensive as a house. When you sell your home at auction with Looper, we ensure that all interested parties have access to the important details prior to placing their bids. And unlike traditional real estate transactions where buyers can back out for any number of reasons (or no reason at all), buyers who place a winning bid on your home at auction are legally obligated to follow through with the purchase.
Sell your home fast with Looper
When you auction your home, you’re guaranteed a fast sale. You set the minimum price that you’re comfortable with, and there is no ceiling price—meaning you could potentially get more for your home than through other methods. Additionally, because auctions attract serious buyers, you can be sure to sell your home to someone who is ready and willing to purchase it. If these reasons have convinced you that selling your home at auction is the right choice for you, contact Looper Auction and Realty today to learn more about how we can help.