According to Norada's 2024 real estate report, Virginia Beach homes for sale receive an average of three offers and sell within 18 days of hitting the market. These are already highly competitive numbers, but what if buyers could get even more offers and sell even faster?
Nothing in the real estate world compares to real estate auctions. This fast-paced environment is a great place for both buyers and sellers, particularly those facing unusual circumstances.
How can buyers and sellers head into Virginia Beach property auctions with confidence? Read on to find out.
Understand What Sells at Real Estate Auctions
Whether you're a buyer or a seller, you should know who's selling real estate in Virginia Beach auctions and why. Some of the most common types of properties you'll see up for auction include:
- Foreclosed-upon properties: banks looking to recoup losses on defaulted loans
- Estate sale properties: families or estate sale companies looking to quickly sell an inherited home
- Tax-delinquent properties: municipalities selling homes at a low cost but that come with back taxes
- Specialty properties: property owners selling historic, luxury, or specially zoned properties
On occasion, sellers will put standard residential properties up for auction. This may occur if they're looking for a rapid sale or if their property hasn't gotten much traction in the traditional market. According to HGTV, only 11% of homes sold at auction go for more than an earlier listed price.
Tips for Buyers at Real Estate Auctions
Buyers can participate in both online and in-person real estate auctions. Both are extremely fast-paced, meaning you'll need to make snap decisions. To prepare for a real estate auction as a buyer, we recommend:
- Researching the property first
- Getting a property inspection (if possible)
- Set a maximum offer and stick to it
- Get your financing in order before bidding
If you're not buying auction properties with cash, make sure to get pre-qualified for a mortgage before the auction begins.
Tips for Sellers at Real Estate Auctions
What auction strategies in Virginia Beach should sellers use? To get the most out of your real estate auction, we recommend:
- Marketing the property thoroughly
- Allowing interested buyers to tour and inspect the property
- Setting fixed terms (such as downpayment requirements)
- Working with a reputable real estate auction company to prevent liabilities
Even when selling a residential property at auction, you should take traditional steps beforehand, like holding open houses. The more interest you generate, the more buyers will fuel the competition and drive up your closing price.
Buying or Selling Real Estate in Virginia Beach? We Can Help
The traditional market may seem fast-paced to some buyers and sellers, while others want to ramp things up even more. Real estate auctions are great for buyers and sellers dealing with properties off the beaten path. You can use this guide to prepare for your next auction or discuss your future transactions with an experienced agent.
At PMI Virginia, we offer far more than property management services. Our licensed real estate agents can help you buy or sell the perfect investment property in Virginia Beach. Contact us today to get expert help.
