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,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.
Tom Wood
CEO & Co-Founder
877-234-6706
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