Buying a home at auction is not a new idea as this concept has been around for many years. What is different now is the kind of real estate market that we are heading into in the next upcoming year. It was only a short 12 months ago when properties were being sold with multiple bids with a very limited number of homes coming on the market for sale. Now, properties are staying on the market for a longer time and only the pristine and well priced properties are still seeing multiple offers. Thus buying a home at auction seems to make sense for both the owners and buyer of a property. The market has become a buyers market where the buyers have more time to find a property and negotiate off the asking price, something that was almost unheard of a short time ago. So when buyers looking at a home coming to auction then they are able to figure out the top price they are willing to pay for a property and have a good shot in getting it since the number of buyers in today's market has significantly gone down in part to rising interest rates and run away inflation costs.
For a seller of a property an auction allows the property to be marketed in a way that a traditional agent is probably not able to do. It typically has a greater reach and more buyers looking at the home than a traditional sale. The key thing for an owner of an auction property is to set a minimum on the price they are willing to sell if for. If this price is not realized then the home can be taken off the market or sold in a different way. My experience in the last several months is that buyers are looking for a deal in this market so owners need to be aware of this and not get too greedy when setting the minimum price. La Jolla typically has a limited number of auction properties at any given time. We did a quick search and found 2 homes that are going up for auction. If you have questions about how this process works please contact our local La Jolla Real Estate agents at 858-200-7562.
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Listing information last updated on March 2nd, 2024 at 1:02pm CST.