PropertyAuction.com, a niche marketing website dedicated exclusively to real estate auctions, has just announced results of its survey on the Real Estate Auction trends for 2011, and expectations for this year.
With the real estate market is still in a state of flux, and with foreclosures still accounting for a large percentage of the market, real estate auctions have become a more popular sales method amongst both homeowners and professionals. The advantages of real estate auctions include a time specific liquidation of properties that is beneficial for both buyers and sellers. The numbers of auctions taking place nationwide is steadily increasing, and every type of property is being sold. The PropertyAuction.com survey allows clients to assess industry activity last year, and to see their predictions for this year. The topics of survey included frequency of auctions by region, auction type, online bidding, mobile accessibility, the use of social networking, advertising allocation, and the rate of success.
The survey found that the South West, Central, and Southeast regions of the United States had the highest number of real estate auctions last year, with states on the West Coast seeing the lowest numbers of auctions. This data is in agreement with media reports, as states such as Nevada and Florida are still struggling with high levels of foreclosures. Participants in the survey revealed that signage was the most effective method of promoting real estate auctions last year, with the Internet being the second most effective advertising tool. This was In spite of spending an average of 44% of their overall budget on print advertising.
The survey also asked respondents about their predictions for this year, and found most thought homes, condos, and co-ops would be the most popular assets brought to auction. They forecast commercial land as the least likely to be brought to auction. Auctioneers and real estate professionals are predicting the Southeast will have the highest number of auctions, and that lender REO is likely to be the most frequently auctioned property type this year.