Home Auctions Grow In Popularity
Real Estate Agent Says Auctions Can Hurt Nearby Home Prices
Reported By Larry Flowers (WSMV - Ch. 4 - Nashville) wsmv.com
MURFREESBORO, Tenn. -- Many people are choosing to auction their homes instead of using traditional means. Through this method, homes are being sold in days rather than sitting on the market. But does it have an affect on home sales? One auctioneer said there are definite benefits. "They know what day and time they’re selling their property versus if the house was listed not knowing that the house was going to get sold or not," said Charlie Montgomery of Comas Montgomery Realty & Auction.
That was the case for Cherie Burnett three years ago. The interior designer had moved out of the country and couldn’t sell her home. "I needed someone to come in and take care of everything for me and do it quickly with the sale of my house and my property. It had to be an auction," said Burnett, who sold her home at an auction. The housing market in Middle Tennessee is fairing a lot better than nationwide, but more and more homes are being sold through auctions. Nowadays, auctions are not only filled with fast-talking auctioneers and bid cards, but auctions are also going high-tech and reaching a broad audience across the globe. "There’s been activity looking at this (Murfreesboro) property from California, from across seas from Italy and in China," said auctioneer Carl Montgomery. However, Terry Delems of ReMax Elite real estate said there is a possible downside. He said if an auctioned house was previously listed by a Realtor and sells below market value, it could hurt comparable home prices in a neighborhood. For Cherie Burnett, she got her asking price of $200,000 plus $20,000 more. Comas Montgomery Realty and Auction sold 88 real estate properties in 2005. Click here to learn more about how to auction a home
That was the case for Cherie Burnett three years ago. The interior designer had moved out of the country and couldn’t sell her home. "I needed someone to come in and take care of everything for me and do it quickly with the sale of my house and my property. It had to be an auction," said Burnett, who sold her home at an auction. The housing market in Middle Tennessee is fairing a lot better than nationwide, but more and more homes are being sold through auctions. Nowadays, auctions are not only filled with fast-talking auctioneers and bid cards, but auctions are also going high-tech and reaching a broad audience across the globe. "There’s been activity looking at this (Murfreesboro) property from California, from across seas from Italy and in China," said auctioneer Carl Montgomery. However, Terry Delems of ReMax Elite real estate said there is a possible downside. He said if an auctioned house was previously listed by a Realtor and sells below market value, it could hurt comparable home prices in a neighborhood. For Cherie Burnett, she got her asking price of $200,000 plus $20,000 more. Comas Montgomery Realty and Auction sold 88 real estate properties in 2005. Click here to learn more about how to auction a home
