As the first quarter of 2024 nears its end, Ten-X has seen an early bump in activity, including a transaction rate rising back above 60%. Steven Jacobs, Ten-X President, spoke with GlobeSt.’s Jack Rogers about 2024’s initial trends and what they could mean for online auctions throughout the year.
“What we’re seeing is more acceptance on the actual pricing, more acceptance on the value,” said Jacobs. “[Sellers] were in denial, then they admitted they had a problem, now they’re doing something about it. That’s what happened to a lot of the owners.” Jacobs also finds that buyers are keen to make new investments as values drop. “Investors have been sitting on the sidelines for 18 to 20 months and they’re anxious to buy.”
What does this mean for Ten-X’s future auctions? “Our approach is a little different this year. We’re opening the funnel up a little bit,” says Jacobs. “We’re taking a little bit more of the risks on some of the assets where the values don’t line up exactly because we are indeed seeing sellers meet the market more than they did last year.”
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