More American developers are turning to auctions in an effort to liquidate unsold stocks of new homes, a real estate company has revealed.
Tranzon Metrolina, North Carolina, said it was handling the sale of six custom homes to help a builder avoid foreclosure.
The result is knock-down prices for buyers and a quick and effective solution for sellers, the company said.
Southampton Homes will auction six new homes ranging in size, with four bedrooms to five bedrooms, with suggested starting bids at $329,000.
Don Eldred of Tranzon Metrolina said:
“The slow housing market in the Charlotte area is forcing owners to try new avenues to sell their homes.
“Builders are embracing auctions to gain the benefit of competitive bidding for their properties and to liquidate homes quicker than with traditional sales means.”
The company has also recently helped owners avoid foreclosure with the auction of a four-bed home in Waxhaw, and a house in a gated community in Weddington, both in North Carolina.
Half of the six foreclosure-threatened Southampton Homes are in Denver, with the other three in the Newman Manor development, Cabarrus County.
A December survey by researchers Harris Interactive revealed more than 75 percent of American buyers think they should pay at least 25 percent less for a foreclosure-hit home.
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