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How do Seniors Sell their Homes today? At a Real Estate Auction
Written by: Paul RoeschArticle Overview: Facing what is perhaps the worst housing market since the Great Depression, most seniors will find it almost impossible to find buyers for their outdated homes. And, with the current glut of unsold houses in many markets, even reducing the asking price may not solve the problem. So relying on traditional real estate sales methods to sell their existing homes has in many instances failed to produce results. An often overlooked real estate sales strategy called “accelerated marketing” is gaining wide popularity with outstanding results. Accelerated marketing is a real estate auction strategy and makes the most sense in many situations facing seniors today. The home is sold “As Is, Where Is”. The Seller retains control of the transaction. Buyers like the auction method because they are buying at “true market value”.
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How do Seniors Sell their Homes today? At a Real Estate Auction
Many seniors once planned to sell their homes to finance their
retirement care. But with both home values and investment portfolios
shrinking seniors are now struggling to cope.
As reported in the New York Times, US News and World Report, and
elsewhere, many seniors facing the prospect of long term care are
unable to pay for their care today owing to the depressed real estate
market. These aren't the classically poor seniors who've traditionally
turned to Medicaid under these circumstances. Rather, these are elderly
whose primary homes are their largest store of wealth, and they've
planned on selling that primary home when the time was right and
exchange the proceeds from that sale to secure a place in a senior
living center, retirement home or other residence.
Facing what is perhaps the worst housing market since the Great
Depression, most seniors will find it almost impossible to find buyers
for their outdated homes. And, with the current glut of unsold houses
in many markets, even reducing the asking price may not solve the
problem.
Relying on traditional real estate sales methods to sell their
existing homes has in many instances failed to produce results. The
problem with this strategy, of course, is that elders' homes are
frequently antiquated or need substantial repairs and renovations in
order to make them marketable. Outdated wallpaper, old appliances and
poor maintenance, all characteristic of these houses, often deter
buyers. In other words, these homes, which their owners logically
considered would be their guarantee of worry-free living virtually
indefinitely, are literally unmarketable as-is.
Fix it Up or Sell It As Is? Do you want to invest any money into the
home you are planning to sell? If you have a home that looks good on
the outside, but is tired and worn on the inside, that will affect your
selling price as well as the length of time the home sits on the market.
Time on Market. Another problem for marketable properties is the
length of time on market "unsold" which exasperates the problem by
adding additional holding costs and ultimately price reduction after
price reduction.
Accelerated Marketing: An often overlooked real estate sales
strategy called "accelerated marketing" is gaining wide popularity with
outstanding results. Accelerated marketing is a real estate auction
strategy and makes the most sense in many situations facing seniors
today. The home is sold "As Is, Where Is". The Seller retains control
of the transaction. Buyers like the auction method because they are
buying at "true market value" that is one bid increment over the next
competing bidder.
Zillow.com a provider of free real estate information reports that
The National Association of Realtors predicts that by 2010 one-third of
all properties sold in the U.S. will be sold at auction.
The auction method will sell the house to a ready and willing buyer,
free of contingencies, repairs and sales commissions to the seller and
typically brought to closing in 30 days. Commissions are paid by the
Buyer. Broker and Agent participation in the transaction is welcome and
encouraged.
Selling at Auction is no longer about distressed situations but
rather about taking control and playing life forward. After all life is
too short to worry about something that you can be in complete control
of.
Copyright© 2009 Paul M. Roesch, Auctioneer, AARE
How do Seniors Sell their Homes today? At a Real Estate Auction
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