New Real Estate Trend... Auctions - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

New Real Estate Trend... Auctions

The way you sell or buy a house is changing in Amarillo. In an effort to add a spark to the local housing market, we're seeing a new trend in real estate. More people are relying on auctions to buy real estate at a bargain or sell a home quickly.

It's a method of selling that's been around for decades. Auctioneer, Spanky Assiter has seen the concept grow recently in America. More than 80% of the real estate sold out of the country is sold at auctions. Assiter says, "Auctions have been around for a long time. People just haven't realized they could use that method of marketing to sell real estate. So now it's becoming more prevalent."

The method is to sell or buy your next property quickly. Assiter says auctioning is for those serious about real estate. "You need to know what your willing to pay. What the market value is. And not get caught up in the excitement of an auction," Assiter explains.

The concept of real estate auctioneer is catching on. The number of people attending auction events in our has doubled over the past year here in Amarillo.

First time auction bidder Betty Slater likes the new idea. "I think it's a great concept and will catch on and Amarillo is a pretty fast market," she said.

Bidders say buying real estate through auctions has it's advantages. "Now might be a good time for an investment and one thing about an auction you never know which way it's gonna go... A good value and save some money," Slater said.

The highest bidder at the auction on Berget drive Tuesday, Jerry walker agrees that this is the new way to go in real estate. "It's a unique experience a different way to buy one. It's a little frightening but it worked out good," Walker says enthusiastically about his new home. 

Real estate auctioneers are required to be fully licensed in Amarillo. They carry a license in auctioning and real estate.  Most companies post their auctions weeks in advance to give time for buyers to do thorough research on the property up for bid.

For sellers auctions give the home owner the opportunity to sell their home in a timely manner.

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