Auction Trend in Real Estate Sales Picks Up Steam

CHICAGO, March 22 /PRNewswire/ -- Real estate buyers and sellers will gather this coming Saturday to take part in an auction of more than two dozen Chicago-area properties, reflecting a growing trend in real estate sales.

The event, held by RealEstateAuctions.com, will begin with registration at 10 a.m. Saturday, March 27, 2010 at the Chicago Oak Brook Marriott Hotel, 1401 W. 22nd St., Oak Brook, Illinois.  The auction itself starts at 11 a.m.

"The latest statistics from the U.S. Commerce Department showed another monthly drop in home sales for January, 2010 (the most recent reporting period available)," says Brian Kuzdas, owner and founder of RealEstateAuctions.com.

"Even in the greater Chicagoland area where sales are up in recent months, prices are down," says Mr. Kuzdas.  "Clearly, the housing market continues to experience change."

With buyers seeking deals and sellers seeking faster sales, a bright spot in the real estate market is the growing popularity of auctions, he explains.

"More than $59 billion in real estate sold nationally in auctions during 2009, and in the next few years, it is estimated fully one-third of all real estate sold in the United States will be via the auction method," says Mr. Kuzdas, citing statistics from the National Auctioneers Association.

Advantages of real estate auctions include a quicker time frame for sellers and the opportunity to purchase at a reduced price for buyers.

Many of the properties at the March 27 auction event will be offered "absolute" or with low minimum bids.  Properties available will include single family homes, condos, apartment buildings, vacant land and more.

The auction is open to all.  Bidders, sellers and real estate agents are required to register in advance.  Please visit RealEstateAuctions.com or call 877-627-5670 for more information.

SOURCE RealEstateAuctions.com