The market is uncertain and interest rates are high—so is now a good time to sell your house? For those who want to sell their home using a real estate agent, and do so quickly, the answer is no. Selling your home through the traditional sale route will likely take longer than you’d like and may not result in the return you’re hoping for. However, selling your home at auction could be a great option in today’s financial landscape.
Home sellers should be prepared to wait
According to Realtor.com, the amount of time that homes sit on the market is increasing. This means that home buyers have more time to weigh their options, but sellers are feeling the strain of being in limbo, waiting for the right offer to come through.
If you’re thinking of selling your home, you may be wondering if now is the right time. But, current market conditions and historically high interest rates make it a tricky question to answer. Of course, you may be able to get more for your house if you wait for the market to rebound. But, selling now could help you avoid being stuck in a situation where you sell it down the road for far less than you could make on it today.
Typically, selling your home through a real estate agent is the best way to maximize your return. However, given the current conditions, you may want to consider other options—like selling your home at auction.
Auctions are becoming increasingly popular in today’s climate because they provide a fast and efficient way to sell your home. Real estate agents may be hesitant to recommend this option because it’s not the traditional way of selling a home, and because their livelihood depends on real estate commissions—but yours does not. So, if you’re looking for a quick sale where buyers can’t back out, an auction is worth considering.
So, if you are a seller looking to list your property using a realtor, be prepared to wait because current conditions are uncertain and buyers are taking their time, with many potential buyers putting off plans until the economy feels less uncertain. There is no guarantee that you will get the price you want if your home sells in the current climate.
The traditional sale route may not be the best option
Working with a real estate agent may not be the best option for those looking to sell their homes quickly and for the best return. In a traditional sale, the seller is usually responsible for paying the real estate agent’s commission—which is typically around six percent of the home’s final selling price.
So, if you’re looking to sell your home quickly and don’t want to wait for interest rates to go down, working with an agent may not be your best option. Instead, you may want to consider selling your home at auction. Online working with a real estate agent, you as the seller will not be responsible for paying any commissions—which means more money in your pocket.
With an auction, you’ll be able to reach a larger pool of potential buyers, weed out less serious buyers, and find the right buyer all in the same day. And auction companies like Looper make sure that the right bidders are there—it’s not even uncommon for a bidding war to break out from time to time!
A Real estate auction could be a great option in today’s market
So, for those looking to sell their properties quickly and for the best return, selling at auction may be the right option. Selling your home at auction is a great way to get a fast and efficient sale—but it’s not the only choice on the table.
If you’re looking to sell your house, you should explore all of your options and choose the one that’s right for you. With a little research, you can make the best decision for your unique situation.
The current economic landscape may not be ideal, but that doesn’t mean you can’t get a great return on your home. By exploring all of your options, you can find the sale that’s right for you.
Selling your home is a big decision, but with the right information, you can make the best choice for your unique situation. Is now a good time to sell your house? Only you can answer that question. But, if you’re looking for a fast and efficient sale, selling at auction may be the right option for you.
Looper Auction and Realty first started as an auction company nearly 40 years ago and is a member of the National Association of Realtors, Arkansas Auctioneers Association, and the National Auctioneers Association. We conduct over 250 auctions every year and are happy to answer any questions you may have about selling your property at auction.
Questions & Answers about Real Estate Auctions
Why would I auction my home?
Auctions are becoming increasingly popular because they provide a fast and efficient way to sell your home. The closing process is nearly non-existent because there are typically no contingencies and property purchases are non-refundable. And the auction process itself is swift, with bidders driving up the price, even above true market value, until the auctioneer calls out the winning bidder and official buyer of your property. So if you’re a property owner, you can save time and say goodbye to open houses and endless staging.
How is selling my home at auction different from the traditional sale route?
If you sell your home at auction, buyers cannot back out. This is different from the traditional sale route, where buyers may be able to back out of the sale.
What are some benefits of real estate auctions?
Some benefits of selling your home at auction include a quick sale and being able to avoid common market conditions. Properties sold at auction typically sell at market value, and we at Looper Auction and Realty work with each seller to discuss their goals and learn about the property before setting a minimum bid.
We want our clients to be comfortable and confident that selling a home at auction is the best way to get the most out of their investment. Additionally, homes sold at auction are sold as-is and do not require a home inspection. Homes are sold to the highest bidder and you get the cash for your property fast.
How many people bid at auction sales?
The number of people who bid at a home auction can vary depending on the location, auction date, items up for bid, and the marketing and promotion that the auction house puts into the event. Looper auctions are consistently well-attended and highly promoted. It is in our best interest to ensure your property will sell at a fair market value. If you have any questions about how many interested buyers attend or the competitive bidding process, please do not hesitate to reach out and ask. We are more than happy to help.