Thursday, August 4, 2016

Online Real Estate Auctions Platforms Continue to Grow

I came across this recent article which discussed how the housing bubble in the U.S. caused the number of auctions to spike because lenders needed a quick and efficient way to move their assets.

Now that we're past that, the momentum of online auctions continues, and the biggest growth is with Commercial properties.  In fact, Ten-X reported a 20 percent increase in their Commercial sales last year.

About 70% of the Commercial properties sold last year were owned by banks, but in 2016 they see a change where 70% will be sold by private owners and 30% will be from banks.

I think that what's happening in the Commercial real estate sector with online auctions, is a precursor of what will happen in the Residential sector in the coming years.

Great news for all of us!

Hear is a link to the full article in case you're interested.
Until next month,

Tom Wood
CEO & Co-Founder