I’ll never forget that summer day in 2020. Amidst a global pandemic, I was showing a cozy, 1800 Sq. Ft. home just a stone’s throw from Galax, VA. The property, slated for an absolute auction, was a real gem – dated, sure, but in fantastic shape and boasting a great location with a spacious two-story garage. As I walked the potential bidder through the property, explaining the nitty-gritty of the auction process, they turned to me, puzzled, and asked, “This is a nice house. Why would they choose to sell it at auction?”

A Misunderstood Method:

You know, being in the auction industry all my life, I’ve come across this query more times than I can count. Many folks think that auctions are just for troubled properties, but that’s far from the truth. This home, like many others we’ve auctioned, was far from a distressed sale.

Why Auction is Often the Best Choice:

In my years of experience, I’ve seen firsthand how auctions can transform the selling process. Let’s break it down:

1. Broadening Horizons:

Auctions don’t just attract local interest; they pull in bidders from far and wide. This wide net can drive up the property’s value significantly – it’s all about supply and demand.

2. The Urgency Factor:

Auctions create a unique time-sensitive environment. This urgency often pushes buyers to step up their game, leading to better offers than in a traditional sale.

3. Crystal Clear:

One thing I love about auctions is their transparency. Every bid is out in the open, making the process straightforward and fair for all involved.

4. Getting What It’s Worth:

Auctions have a knack for realizing the true market value of a property, sometimes even surpassing it. The competitive atmosphere is key here.

A Broader Perspective:

Consider other industries where auctions are the norm. Fine art, classic cars – think Barret-Jackson and Mecum Auctions. In these fields, auctions are revered for fetching top dollar. Real estate deserves the same outlook.

Conclusion:

That house near Galax wasn’t at auction because something was wrong. Quite the opposite – it was there because that’s how you get real value. In the world of real estate, it’s high time we recognize auctions not as a fallback but as a strategic, often superior choice for selling property.