Short answer: Yes, but not very often. Typically, real estate auctions in Washington happen for foreclosures or high-end properties that have been on the market for awhile. As a professional auctioneer with over 15 years of experience, I’ve auctioned off everything from personal property to multimillion-dollar homes (if you count silent auctions).

Let’s dive into the world of real estate auctions and explore why and how homes are sold by the gavel.

In some parts of the world, it’s common to see people gather in front of a home. They raise their hands and bid “live” for a property. Still, with the rise of online auctions and auction software, the excitement of shouting “Sold!” in person has become less common. Sellers now have a broader reach through the internet. They have more potential buyers compared to a small crowd in the yard. This change is why “live” auctions for real estate are becoming rare.

I am a Licensed Professional Auctioneer, Benefit Auction Specialist, and Licensed Real Estate Broker. I am also an Estate Liquidation Specialist and a Graduate Personal Property Appraiser. I’ve got the skills to auction off just about anything. I apply those skills even when I’m selling a home the traditional way. This includes using the Multiple Listing Service and standard real estate marketing.

Auction skills help me deliver exceptional results for my clients. Here’s a little behind-the-scenes of how I approach an auction. Let’s say I’m auctioning off a collectible oil painting. It is worth $200,000. I won’t start the bidding at $200,000 – I’ll start at about $50,000. Why? I want to create excitement and get people invested. By starting low, we often exceed the expected value because multiple bidders are competing to win.

This auction mindset applies not just to collectibles, but also to real estate. For instance, I recently had a Seattle home that was listed conservatively (but not too low) to generate interest. With a strong marketing campaign, a packed open house (over 100 people!) plus more than 50 showings, we ended up with 11 offers above asking – and sold for $246K over our original price! It could have gone $20k over. It might have gone $100k over. Perhaps it would have sold at asking. The market told us the value. Plus, this was in the middle of winter with pouring rain and high interest rates. These were not exactly the ideal conditions for a bidding frenzy.

To wrap it up, my advice to sellers is simple: Let the market determine your home’s value. While I recommend a listing price, it’s the buyers who ultimately decide what a property is worth. Stick to your offer deadline, just like you would in an auction, and see where things land.

Interested in a free in-home consultation with an Experienced Licensed Auctioneer & Successful Real Estate Broker from Sotheby’s? Give me a call at 425.532.7077 (I’ll talk fast if you’re in a hurry) or shoot me an email anytime: Lisa@RainierEstates.com. I can handle everything from auctioning off your personal property to selling your home – start to finish!