US Luxury Home Auctions are on the Increase

Auctions are rarely the first selling method for sellers of luxury homes, but all indications are that this is about to change……

It’s certainly an option that many homeowners are considering as conventional methods are not delivering in a real estate market that is seeing increasing inventory in the luxury segment.

Residential auctions have long been associated with foreclosures in the US, but look to the European real estate market and it’s a very different story – here they are considered on par with fine art auctions. It seems that the ultra-wealthy in the US are beginning to appreciate the potential opportunity for their own luxury property, especially after surveying a landscape where many a home has sat on the market with little or no action for numerous months, if not years!

Perhaps one of the most common misconceptions is that Homeowners will have to forgo their long term and trusted relationships with the Real Estate Advisor – quiet the opposite, in North America the home remains listed with the Agent who then work very closely with the Auction House. Best described by the Owner of a Sotheby’s International Realty Franchise – Jim Lyon – in his testimonial about Supreme Auctions, the preferred vendor of The Institute for Luxury Home Marketing:

“I am extremely impressed with Supreme Auctions® 30+ years of experience selling luxury properties Nationally and Internationally through their Accelerated Marketing program. This is a huge benefit to my agents, an opportunity to work with a company of integrity, receive their full commission, retain their listing and remain involved through the entire marketing process is a win, win for the agent, and the seller.”

Luxury Auctions pride themselves in having the same database as fine art, super cars, luxury plane and yacht auction houses – which, of course, are the very people who can afford these million-dollar estates. By connecting with a luxury real estate auction house, realtors open their door to having this powerful network of connectivity, greater marketing and increased resources – so potential buyers do not remain untapped and unsolicited. As Trish Thompson of Harry Norman, Realtors Forsyth County/Lake Lanier (an exclusive affiliate of Christie’s Intl Real Estate) states:

“I would highly recommend Supreme Auctions® to other luxury real estate professionals. They brought a quantity of qualified buyers through my clients’ property utilizing their accelerated marketing program, a program that I could not achieve through our traditional methods, resulting in a record breaking successful sale for my client.

They are further undermined by limited marketing budgets and resources, as well as the inability to create a competitive environment associated with the bidding process of a high-stakes auction.

So why the hesitation, tradition and fear monger realtors seem to be the most common reason causing homeowners to hesitate…… but, as noted in a recent article by The Financial Times, there is a definite culture shift happening in buyer and seller attitudes who are equally looking to expedite the sales process.

To learn more about selling your home by Auction, call Supreme Auctions on XXXXXX.

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