Thursday, April 10, 2008

Real Estate Auctions Thrive as Home Sales Plunge

I just read an article in the Wall Street Journal which said that while the real estate market sales have been going down, auction sales are increasing. In fact, according to the National Association of Auctioneers, the real-estate auction market climbed 5.3% in 2007, generating $58.4 billion.

The article also mentioned that more real estate agents than ever before are signing up for training on doing auctions.

I believe what makes this even better is that the Internet is the "glue" that brings this all together. A real estate agent can now hold an online bidding auction without the need take "live" bids. Simplifying the coordination, and increasing the number of buyers that can participate.

There is no doubt this is changing this technology is changing the way real estate is bought and sold.

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