In a shifting market, property auctions are catching on with owners who want a quick sale and buyers hoping to find a bargain: Shades of EBay.
Fanned by EBay flames, it was bound to happen. As buyers have regained an upper hand and sellers have started to sweat, real estate auctions — live and online — have caught on.
The changing market has nervous owners trying to sell quickly rather than letting their homes languish while their fears of declining values mount. Buyers, sensing the realty winds shifting their way, see bargains, something they’ve only dreamed of in the last few years. And then, of course, there is human nature and the thrill of bidding competition.