Orange County Housing Report: Going, Going, GONE!
When a record low number of available homes is matched with fierce pent-up demand, it results in an auction where homes sell immediately and for more than their asking prices.
Selling Above the Asking Price
It is common for homes that are just placed onto the market to receive dozens of offers to purchase, pushing up home values at a rapid pace.
For over a century, the predominate way to sell a home in Australia has been by auction. The appeal of an auction is that homeowners believe they can get a higher price by forcing buyers to compete against each other in a bidding war. An auctioneer is hired to conduct the bidding process. The more that participate, the higher the price. It has been…
