Tuesday, February 19, 2008

Real Estate Market Sold on Auctions

The stats are in. Auctions are definitely growing fast. This is from the February edition of REALTOR magazine.

The real-estate auction market rose 5.3 percent in 2007, generating $58.4 billion in revenues – 39 percent more than it did in 2003, according to the National Auctioneers Association.

Arkansas auctioneer Joe R. Wilson predicts that a sluggish real-real estate market will make 2008 even stronger. "Sellers like it because it's fast, efficient and effective," says Wilson of Wilson Auctioneers Inc. in Hot Springs. "Buyers like it because they believe they're getting a deal."

In December, the National Auctioneers Association launched what is believed to be the first real-estate auction multiple-listing service. Prospective bidders can view coming auctions on AuctionMLS.com. The association also teamed up with the Auction Network to develop a multimedia cable television network devoted to the auction industry.

Source: The Wall Street Journal, Jilian Mincer (02/06/2008)

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