Historically speaking, auction platforms have been viewed as a secondary market for homes that were exceptionally highly-priced and had been sitting on the market. It has also been a platform popular among those with homes that carry unique features that make them difficult to sell. Auctions provide an avenue for owners to dispose of the asset – following a calculated decision, many feel that selling at an auction provides them access to buyers and assists them in relinquishing the expenses associated with the home such as maintenance, taxes, and mortgage payments.
However, the past decade has witnessed the development of new auction platforms, and they are changing the way we do real estate, specifically in the luxury home sector – and, in the midst of a pandemic, their popularity has amplified.
