Real Estate Auctions on the Rise in Southern New Jersey and Nearby Areas

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Many homeowners are turning to auctions as their solution to the ongoing plunge in the real estate market.

As the real estate market continues to trudge along, buyers and sellers are finding themselves turning to an age old method of real estate transfer... auctions. Traditionally, auctions were used as a way to sell distressed properties and to manage high-demand communities. The real estate industry is undergoing change now with a greater transfer of properties by auction. "More and more often now," says Auctioneer Omar Bounds, Auctioneer with Bounds Auction Services, "Buyers and sellers alike see real estate auctions as the ideal mode of setting a fair market value for a home."

Bounds Auction Services operates out of Willow Grove, Pennsylvania, and has seen a huge increase in the number of properties going to auction. "I can tell you the exact day that we saw the market change," said Omar Bounds. "In late October, Bank of America announced writedowns, and the news aired, and things changed."

While the number of properties going to auction has surged, one problem that auctioneers now face is unrealistic expectations from sellers. "They are facing a loss in value as they sleep," said Bounds. "Sellers are turning down viable offers thinking that the market will miraculously change after the election."

Later this month, Bounds Auction Services will be offering a Voorhees, New Jersey, home at auction. "This is a beautiful single-family residence that does not meet the stereotype of a home going to auction. It's not a distressed property, and it's not in foreclosure. There is no bank breathing down the seller's neck. He is simply a savvy businessman, a professional business analyst by trade. He has done his homework, and he knows that he's losing money holding on to this home and he has realistic expectations about selling it." The 4.5 bedroom, 2.5 bath home is situated at the end of a quiet cul de sac and is scheduled to hit the auction block on June 26th.

"Southern New Jersey especially has seen a downturn in home sales," said Bounds. "Time is the enemy of homeowners who are sitting on more than one mortgae and auctions offer a quick and marketable avenue away from the current problems in the real estate market."

Bounds Auction Services is a member of the National Auctioneer's Association, the Lehigh Valley Society of Auctioneers, and the American Society of Appraisers. For more information, visit http://boundsauctions.com

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Omar Bounds
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