"Over the past few years, auctioneers have experienced a growth in the number of first-time sellers. Today, the auction market for real estate has grown to $65 billion-plus in sales and according to a study done by the National Association of Realtors, the future of the real estate auction business is heading towards one in every three properties being sold or influenced using an auction listing."   Reuters, 1/15/08

There are many advantages of the auction method of marketing residential real estate. Among the benefits:

• The seller determines the date and the time the property will sell. An average auction campaign will require 45 days to complete.
  
• A timely sale allows the seller to reduce holding costs, i.e. taxes, maintenance, insurance, etc.
  
• An advertising campaign is designed specifically for the seller’s property to attract the largest number of potential buyers. The ensures true “market value” will be realized.
  
• Auction marketing creates a sense of urgency, forcing potential buyers to point of decision.
  
• The seller establishes the terms of sale, avoiding lengthy negotiations.
  
• Auction arouses the competitive spirit of prospective buyers.
  
• No ceiling price is established, price is allowed to increase freely.
  
• The competitive bidding format creates among buyers when they see other bidders willing to pay a similar price for the property. The process eliminates “buyer remorse”. Decisions will be made.
  
• Price not an objection. Buyers are free to become committed to the purchase of the property without the distraction of price.