Auction action: how bidding on property is trending in 2023
Category General News
Over the years, real estate auctions have become a popular way for buyers and sellers to achieve a quick and competitively priced sale. This trend shows no signs of slowing down in 2023. Auctions become sought after during times of distress, and the year's tough economic prospects will have many homeowners trusting in the gavel for a straightforward transaction.
While online property auctions gained traction during the COVID-19 lockdown, in-person auctions are also gaining favour again. Now that new cases have dropped, the lively bidding atmosphere can once again spark competition and produce fantastic outcomes for buyers and sellers.
Property auctions: a prime pick for success
According to Jaacov Dadon, Founder and CEO of Century 21 Auctions, there are so many reasons for buyers and sellers to turn to auctions this year.
"Auctions have become the most transparent way of buying and selling property," he says. "Therefore listed funds and serious sellers want to sell their properties on auction to maximise exposure in the market as well as to deal with serious buyers on non-suspensive terms and conditions."
"Buyers are in full control of the bidding process and are able to bid at an auction on our app anytime and anywhere in the world. Sellers can sell their property within four weeks on auction and the buyer pays commission over and above the purchase price," he adds.
Big interest in Century 21 Auctions
Dadon says since Century 21 Auctions was launched in South Africa in September, they have had three successful online auctions and one on-site auction that was introduced late last year. "There are another three auctions coming up in February that include beautiful residential properties in South Africa as well as exciting, exclusive, high-end residential and commercial properties in Mauritius which will be auctioned under Century 21 Auctions South Africa."
2023 is expected to be a busy year for the national auction platform. However, Dadon's team is ready to unlock client opportunities, streamlined processes with high exposure, various marketing platforms, professional services, and high conversion rates.
Timed online and traditional auctions - your choice
Overall, Dadon says auctions should be highly considered as offers are not subject to finance. Auctions also produce a fair market value through competitive bidding, with a quick turnaround time. Sellers know exactly where they stand once an auction offer has been achieved and presented as the offer is non-suspensive, with the full balance of the purchase price paid within 30 business days of acceptance of the offer.
Century 21 Auction clients have the chance to buy or sell homes with two methods, each with their own advantages.
Timed online auctions allow buyers to bid from the comfort of their homes, wherever they are in the world. This is useful for investors who want to bid on multiple properties without needing to travel to see properties. Century 21 Auctions ensures buyers get all the information needed to make an informed decision about a potential purchase.
In-person auctions can be a fun and exciting experience. There's an unmatched level of exhilaration being part of the process as other bidders try to outdo your offer. The event also allows you to network with others that share your interests and goals.
When deciding which to consider, Dadon points to Century 21 Auctions' experienced team. "Every asset will be individually assessed by a skilled Century 21 auction broker who will advise the client depending on the type of property and location as to which would be the best platform to use," he notes.
Raise your paddle to better prices
Century 21 Auctions empower its clients with a proven and thrilling way to find your dream home or sell a property at a competitive price. To find out about upcoming property auctions, visit Century 21 Auctions' website, email auctions@century21.co.za, or call (+27) 079 811 2088.
Author: Century 21 South Africa
