It’s normal these days to see luxury homes sitting on the market for sale for extended periods of time. When listing their homes, sellers may not know that it may take a year or two to finalize a sale traditionally. However, an alternative choice that sellers are turning to is through an accelerated marketing process of a luxury real estate auction utilizing Supreme Auctions. The savvy luxury homeowner knows that a faster sale for a prime piece of real estate will save exponential costs that can occur while waiting for the home to sell through a lengthy traditionally process.
Luxury real estate auctions have seen remarkable growth over the years as buyers, sellers and agents alike see how dependable and accelerated the process is. As a buyer, choose to skip the traditional countless days of paperwork, contingencies and negotiations and instead choose to work with a reputable luxury real estate auction firm like Supreme Auctions.
Auctions are better for buyers
It is a buyer’s market right now with the supply of luxury homes rising 14% in the first quarter of 2019, according to Redfin. Redfin also reported that traditional sales for luxury homes are down 16% in the first quarter of 2019, and that trend has continued throughout the year.
The thrill of attending a live auction is nothing like submitting an offer for a home or bidding for one online. Attending a live auction always ends with exhilaration because you know the seller is committed to selling their property that day. There is no endless back-and-forth between you and seller; the price is set the moment the highest bid is announced.
Compared to traditional sales, which include price negotiations, contingencies, and additional inspection work or expense payments, an auction is expedited to turn motivated buyers into elated homeowners.
We at Supreme Auctions sell every property in “as is” condition, providing a packet of documents on the property, including a home inspection, to take out potential pitfalls that traditionally delay or prevent closings. There is no need to wait on the average 50 days before closing either — your transaction will close within 30 days or less
All information on the property is available to you on the Supreme Auctions website and through our staff prior to auction day, including property records and auction documentation.
Market value pricing
Traditional real-estate listing prices do not necessarily indicate the true market value of the property. This results in price reductions due to unrealistic expectations from the seller. Buyers will just sit and wait in a traditional sale for the next price reduction as there is no hurry for them.
At an auction, you have time to review everything about the property and can register to bid before auction day. You can place your bid and buy with full control of what you’re going to spend on your future luxury property. With all registered bidders being in one room, the market shows itself. The transparency through the entire process shows you, the buyer, are paying a fair market price for the luxury home.
Supreme Auctions offers unmatched service throughout the entire process; it is transparent and clear-cut so you feel confident that you are making a sound decision and paying a fair market price for your new luxury home.
Supreme Auctions provides information packets on each property and offers assistance to ensure you have a clear and concise understanding of what is being sold.
The Auction Process
There are two types of auctions you need to understand before you start the process: no-reserve auctions, also known as absolute auctions, and reserve auctions or minimum bids. For a luxury home being sold at a reserve auction, the property is subject to a reserve amount, or a minimum bid. This minimum, which is sometimes an undisclosed amount, has to be met before the property can be sold.
No-reserve auctions or absolute auctions as they are known, do not have a reserve and are sold to the highest bidder, regardless of the final amount bid.
On the day of the auction, Supreme Auctions suggests you arrive to the property at least 45 minutes early to ensure your bidder packet is complete and take a final tour of property.
When attending a Supreme Auctions luxury property auction, it will be conducted live at the luxury property by a professional auctioneer.
Purchasing luxury real estate can be hard to navigate, however Supreme Auctions makes the process swift and smooth. Supreme Auctions’s Buyer’s Guide and unrivaled service ensures you will be informed, confident and ready to purchase.
Buying a luxury home through an auction is the future of real estate. It’s faster, more dependable, and reveals a fair market price.
As Architects of the Industry™ and members of the National Auctioneers Association (NAA), Supreme Auctions staff recognizes and adheres to their Code of Ethics. You will be receiving top of the line transparent, unbiased and lawful service from our staff while enjoying the expedited buying process.
Attend a luxury property auction today. Contact Supreme Auctions by calling 866-929-2243 or online.