Many luxury home sellers putting their homes up for auction
May 5, 2010 - Due to the economic downturn, homeowners who are looking to sell luxury properties are choosing to auction their homes rather than putting them on the market, CNN reports.
The struggling real estate market has left many luxury homeowners frustrated with the traditional selling process, according to the news source. Consequently, many of them are choosing to put their homes up for auction rather than deal with real estate agents, constant walkthroughs and negotiations.
In fact, sales of residential real estate increased by 47 percent between 2003 and 2008, according to the National Auctioneers Association.
Chris Longly, deputy executive director for the organization, told the news source that many sellers prefer this method for its "speed, transparency and the ability to set [their] own price points."
Furthermore, a great deal of homeowners are choosing this option because it can help them shed excess property and get cash quickly, which has proven essential for some individuals in the recent months.
In response, some real estate agencies, such as Zephyr, are increasing their efforts to take advantage of the luxury market. The company recently announced it will host a training session for real estate agents who wish to sell high-end properties.
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