Field Guide to Auctions
(Updated March 2007)
According to the National Association of REALTORS®, "the value of residential and commercial properties at auctions climbed from $49.5 billion to $58.5 billion between 1998 and 2002." Furthermore, the fastest growing auction areas in 2004 appear to be land / agricultural, residential , and commercial real estate sectors, respectively, according to the National Auctioneers Association. Read on for further news and information regarding the usage of auctions in the real estate business. (V. Chawla, Information Specialist)
Research Statistics Taken from the 2004 National Auctioneers Association (NAA) Survey 
2004 Auction Sales: $202.7 billion (includes all types of sales- real estate, machinery, art, autos, etc...)
The fastest growing auction areas in 2004 appear to be land and agricultural real estate (14.7% increase), residential real estate (14.1% increase), and commercial real estate (11.1%).
Further ResearchMarket mechanism choice and real estate disposition: Search vs. auction, (Cornell University, Jan. 2002).
How to set minimum acceptable bids, with an application to real estate auctions, (University of Texas/Cornell University/University of Maryland, Nov. 2001).
Discounts in real estate auction prices: Evidence from South Florida, (Appraisal Journal, Jan. 2001). Q
Auctions: Basics & Benefits
Going, Going, Sold!, (California Real Estate Magazine, Mar. 1, 2007).
Home sellers try unusual method with auctions, (Phoenix East Valley Tribune, Feb. 24, 2007).
RealtyBid's numbers suggest surge in online real estate auctions, (Birmingham Business Journal, Feb. 14, 2007).
Foreclosed houses going once, going twice..., (WoodTV.com, Sept. 28, 2006).
Ruling scales down property auction, (Newark Star Ledger, Sept. 27, 2006).
When homes don't budge from listings, bring in the auctioneer, (San Diego Business Journal, Sept. 25, 2006).
Desperate home sellers turning to auctions, (Fort Wayne Journal Gazette, Sept. 2, 2006).
Auctions gain big in popularity, (REALTOR® Magazine Online, June 19, 2006).
Going! Going! Gone!, (Planetrealtor.com, July/Aug. 2006).
Real Estate Auctions: The Basics & Benefits, (Realtor.org, 2005).
Buying Homes and Other Real Estate in an Online Auction, (About.com, 2005).
Types of Auctions, (Realtor.org, 2005).
Baby Steps: Auction Directories, (This Old House, 2005).
Domestic Real Estate Auctions
Real estate auctions and important tool in home sales during a transitional market, (RISMedia, Nov. 14, 2006).
Auctions no longer a last resort, (REALTOR® Magazine Online, Nov. 11, 2006).
Real esate fuels live auction industry, (REALTOR® Magazine Online, Aug. 1, 2006).
As sales slow, sellers give property auctions a try, (REALTOR® Magazine Online, Aug. 16, 2006).
Taking Another Look at Auctions, (New York Times, June 18, 2006).
More high-end home sellers ringing auction bell, (Houston Business Journal, Aug. 1, 2005).
Going once, going twice..., (Baltimore Business Journal, July 22, 2005).
Winn-Dixie sells stores at auction for $45.6M, (Jacksonville Business Journal, July 19, 2005).
International Real Estate Auctions
eBay China selling out?, (RedHerring.com, Sept. 29, 2006).
Formal auctions may increase pressure on renters, (abc.net.au, Sept. 27, 2006).
Naxos launches novelty - online realty auction, (Czech Business Weekly, Sept. 18, 2006).
HSBC to sell prime properties through e-auction, (Hindu Business Line, Aug. 3, 2005).
Yahoo buys $1 billion of Chinese auction site, (Business Telegraph, Aug. 12, 2005).
Several Buildings Worth Billions of Won in the Waiting Line, (English Donga, July 20, 2005).
Auctions raise bar...slightly, (Property Review Australia, Aug. 12, 2005).
Cops using Web to sell items, (Asbury Park Press, Sept. 26, 2006).
Home auctions are going, going, gone online, (MSNBC, Sept. 28, 2006).
Buffett auctions car for charity at 700% its value, (Jamaica Gleaner, Sept. 26, 2006).
Fed up with fakes, (BusinessWeek.com, Sept. 9, 2006).
Chefs for Humanity's eBay Auction to Benefit Hurrican Katrina Survivors, (Auction Bytes, Sept. 8, 2005).
More than 8,000 Milwaukee residents use eBay for major income source, (Business Journal of Milwaukee, Aug. 2, 2005).
Old things, new life, (Buffalo Business First, July 25, 2005).
EBay beats earning forecasts, raises outlook, (San Francisco Business Times, July 20, 2005).
Web auction firm selling Pentagon goods, (Phoenix Business Journal, Apr. 22, 2005).
Useful Websites
Elsewhere on Realtor.org:
Realtor.org Auction Homepage
Auction Talking Points
Auction Glossary
Online Auctions & Software Resources
Auction Organizations:
National Auctioneers Association
More Auction Websites:
U.S. Treasury Auction Page (w/links to other government auction websites)
Auctioneer State Licensing Boards
eBooks & Other Resources
Books, Videos, Research Reports & More
The resources below are available for loan through Information Central. Up to three books, tapes, CDs and/or DVDs can be borrowed for 30 days from the Library for a nominal fee of $10. Call Information Central at 800.874.6500 for assistance.
Consumers may benefit from real estate auctions, (The Real Estate Professional, Mar. / Apr. 2005, p. 73).
Besner auction and realty policy and procedure manual, (Acme, MI: Besner Auction, 2004). HF 5438 B46
Auction trend grows as traditional brokers, auctioneers team, (Real Estate Broker's Insider, Dec. 1, 2003, pp. 1, 3).
Real estate auctions: The new land rush for auctioneers, (Auctioneer: Oct. 2001, pp. 26-28).
Auctions: An ancient tradition, (Auctioneer: Mar. 2001, p. 17).
California:REALTORS® recognize the value of auction marketings, (Auctioneer: Feb. 2001, p. 18).
Discounts in real estate auction prices: evidence from South Florida, (Appraisal Journal: Jan. 2001, pp. 38-43).
Going going gone! Auctioning your home for top dollar, (New York: John Wiley-DM, 2000). HD 1341 C18g
Making real estate auctions profitable: A reference guide, (Chicago, IL: National Association of REALTORS®, 1997). HF 5438 N21m
Under the hammer: Property in Ireland, (Dublin: Oak Tree Press, 1997). HD 1375 P87u
Real estate auction sales training: strategies for sales success, (New South Wales, 1995). VT400
Field Guides & More
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Field Guide to Listing & Selling Luxury Properties
Field Guide to Marketing Tips for REALTORS®
Field Guide to Effective Online Marketing
Field Guide to Preparing and Staging a House for Sale®
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