Scott Gray: Real estate auctions have adapted mainly online


Posted:
6:00 p.m. December 18, 2021



Thinking back to last Christmas and early 2021, I’m not sure anyone could have predicted the year we’ve been in the real estate industry. We started the year by plunging back into foreclosure, with schools and non-essential retailers once again closing. Fortunately for the real estate world, agents have been allowed to continue operating with restrictions in place – such as wearing PPE for visits – to keep the real estate industry open.

The continued restrictions meant that buyers considering lifestyle changes, along with the desire for more space and the new flexibility of working from home, increased. With the addition of the Stamp Duty Holiday, which was originally scheduled to end in March, was extended through June, and then in September, we saw buyer activity continue to grow. Thinking back and looking back, on the late spring and early summer reports, the real estate market was hot, with a growing number of properties selling above asking prices. This strong activity of buyers has developed a trend in sales of properties ending in a situation of sealed offers due to the magnitude of demand.

As we moved into the fall, buyer activity and prices remained high. With a shortage of properties on the market and demand continuing to exceed supply, continuing the rapid pace of the year. As Christmas approaches, we are now living in a quieter time, but with good activity with sellers looking to market their assets and homes in the New Year.

247 Property Auctions – now in its second year – has seen continued growth (let this continue for a long time!), Offering weekly online auctions for which our private and professional clients can sell their property and land. The need and trend for online auctions has increased rapidly. A service that was historically essentially only available through the traditional ballroom-style auction format. The real estate auction industry has adapted and grown over the past two years, shifting to an online predominance.

For my part, I look forward to 2022 and will be interested to see what awaits the real estate market over the coming year. In the meantime, I would like to wish you all a Merry Christmas and a bright and prosperous New Year to all.


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