Building vs. Buying a House: Which One Is Right for Me?

Land and Real Estate Auctions in Woodward, OK

There are a lot of decisions to be made when it comes to finding the perfect home for you and your family. One of the first ones you’ll have to tackle when you’re ready to become a homeowner or move on to a new property is whether you want to buy an existing house or have one custom-built. Like most decisions, there are pros and cons to both options to consider.

Why Build a House:

Customization

The most obvious advantage and biggest draw to building a new home instead of buying is the ability to customize. Building a house give you total control over everything from the land it’s on to the floor plan to the crown molding. You’re able to choose details and features that match your exact needs and tastes.

New Home Quality

Everything is fresh when you build your own home. You’re the first one to live there, so you’ll never find damage left by someone else. Plus, you shouldn’t have to worry about major repairs or renovations for years.

Updated Technology

New builds are made with the newest technology and modern features for you to enjoy in their very design. You can also trust that they’re built to current building codes and made with energy-efficient materials that are better for the environment and help cut costs in the long run.

Why Buy a House:

Cheaper

On average, it’s cheaper to buy an existing house than build a new one in most locations. Also, when you’re buying, the real estate agent you work with can help negotiate a better price.

Faster

Finding the right land, designing a new home, and completing the construction process takes more time than it does to buy an already-built home. If you’re on a tight schedule, the move-in time for an existing house is much quicker.

Convenience

While it is nice to be able to curate every feature and element of the home you live in, the process can be a bit of a headache. When you buy a home, you won’t have to stress over getting every detail just right or worrying your space won’t turn out how you envision it. Your biggest decision is simply yes or no!

Whether you decide that building or buying a house is the right move, Smith & Co. Auctions & Realty can set you up with everything you need. We’re constantly auctioning off new tracts of gorgeous land that would be the perfect foundation for your custom home. Or, work with one of our real estate agents to find the house for sale or auction of your dreams.

Reach out to a member of our team today to learn more about our upcoming land and real estate auctions and property listings!

4 Steps to Prepare for Auctioning Your Farm Equipment

Farm Equipment Auctions in Woodward, OK

When you’ve decided to invest in new farm equipment or liquidate your farm altogether, an auction is one of the most efficient ways to sell your old machinery. Farm auctions attract a wide pool of potential buyers to compete for your items, driving up the price and getting them off your hands in a single afternoon.

Although your auction company will take care of most of the preparation when you choose to auction off your farm equipment, there are still a few measures you should take ahead of time to ensure you walk away with the best value for your pieces!

1) Choose the right auction company.

If you want to get the most money for your equipment, you need to partner with the best company for the job. Do some research into auctioneers in your area, looking for those who have experience in farm auctions specifically. Choose someone with an extensive local network, good reputation, and the marketing plan and resources necessary to get you top dollar.

2) Complete quick fixes.

Minor issues with your farm equipment can drive the price down significantly at auction. Taking care of these simple repairs and touchups before you sell will likely pay for itself twice over! Replacing broken lightbulbs, new sparkplugs, a fresh paint job, and even just a good cleaning can make a world of difference in the final price.

3) Have your equipment appraised.

Once it’s in the condition in which you plan on selling it, have a professional evaluate what your equipment is worth. If you’re working with an auction company that specializes in farm equipment, they may be able to do this for you or set you up with a good appraiser. Having your equipment appraised is a good way to ensure you’re getting what it’s worth and will help you go into your auction with realistic expectations.

4) Photograph your items.

Having quality photos of your farm equipment for marketing materials will improve your advertising efforts significantly. Pictures of your equipment online, on flyers, in brochures, etc. will help generate interest for the auction, so more people attend and bid. The more competition you get, the higher the final price tag is likely to be. Make sure you’re photographing your pieces in good lighting, against a clean background, and at a variety of different angles for the best presentation possible.

Did you know that Smith & Co. Auctions & Realty holds over 100 auctions every year that attract thousands of potential buyers from our extensive mailing list?

Our experienced professionals specialize in selling real estate, farm land, and farm equipment throughout Woodward, OK, and surrounding areas. With our wide-reaching network, resources, and know-how, we guarantee we’ll be able to sell your farm equipment quickly and for the right price.

Contact our team today to learn more about how we can help you sell!

Why Land is Actually a Smart Investment

Land Auctions in Woodward, OK

Buying vacant land is not usually the first strategy that comes to mind when you’re trying to break into the real estate investment game. Many people actually believe that buying land is pointless, since there’s no readily apparent way to turn it into a profit.

If you dig a little deeper into the realities and possibilities of land investment though, you’ll see that it can actually be one of the smartest real estate moves to make!

There are A LOT of ways to use vacant land.

One of the major differences between buying a house or building and buying vacant land is that you need to use a little more of your imagination to see the potential. Owning land offers plenty of opportunities for generating income or making use of it yourself! You could, for example:

  • Build a house to live in or rent
  • Build a commercial building to work in or rent
  • Rent the land to someone else to build property or develop
  • Develop or rent as farmland
  • Use or rent for hunting

Land is an easy long-term investment.

Pretty much every aspect of land ownership is easy. There’s low competition to buy land, so you can get it quickly and at a good price. Once you have land, you don’t actually have to do anything with it if you don’t want to. Vacant land also requires very little maintenance, as is, which makes it inexpensive to own long-term. Plus, there are a lot of options to use it for profit that involve very little attention or work on your part.

Land does not depreciate in value.

A common risk in real estate investment is putting money into something you can’t make profitable or that loses value over time. Vacant land cannot be moved, destroyed, or otherwise damaged in any way that will affect its value. The worst-case scenario is that you don’t make or lose any money at all—think of it as just an alternative place to hold some of your assets. Land is also a finite resource, meaning the more limited it becomes, the greater value your investment will have.

Smith & Co Auction & Realty makes it easy for aspiring land investors to make their first or next move with our live and virtual land auctions! With our advanced real estate tools and knowledge of the local market, we can help any buyer find their dream property going up for sale or auction.

Contact us today for more information about our upcoming land auctions!

What to Consider When Buying Farm Land

Farm Land for Sale in OK

There are a lot of components to being successful in the farming and agricultural industry. You need to have practical experience, knowledge of the field, the right equipment, a business plan, a good team behind you, determination, and of course, quality land to support your operation.

If you’re thinking about starting a farming business, or expanding your current enterprise, investing in the right plot of land can make or break your venture. That being said, there are a few considerations you’ll want to keep in mind during your search.

Soil Conditions

Without good soil, your farm is doomed from the start. Determine whether or not the soil of the land you’re looking at is good for the crops you plan on growing. Do they have enough of the right nutrients? Has the soil already been farmed and depleted of its nutrients? What does the acidity level look like? Is there proper drainage? Ask the seller for a soil profile or have your own testing done before making a purchase.

Access to Resources

In order for your crops to grow and other aspects of your farming business to succeed, your land will need to have access to a number of resources. Consider how you plan on using the land and what you require to make that happen. Look at things like water sources, irrigation setup, reliable power, roadway access, and other buildings and infrastructure necessary to support your day-to-day operations.

Gas & Mineral Rights

It is possible that, although the surface of your land is for sale, somebody else owns what lies beneath. Determine if the gas and mineral rights to a plot of farm land are included in your purchase or if they’re already owned by somebody else. If you don’t have them, that other person could come in and start mining and drilling at any time, affecting the quality of your land in the process.

Location

Before you buy farm land, look into whether or not the location you’re looking at comes with any restrictions or major inconveniences. Are there any zoning or environmental regulations that limit how you can use the land? Would you be close enough to the markets, retailers, and suppliers your operation is going to depend on? How far is it the commute from your home? These are all factors to consider before you make any decisions.

Looking for the perfect piece of farm land to transform for the right price? Check out the upcoming land auctions and real estate listings at Smith & Co Auction & Realty! Our experienced staff will help you acquire the acreage you need in Oklahoma or Kansas for what it’s truly worth.

Contact our team today to discuss your land and real estate needs!

3 Strategies for Winning an Online Auction

Virtual Land & Real Estate Auctions in OK

Virtual auctions and online auctioning platforms have emerged more prominently over the past decade and made auctions far more accessible to both buyers and sellers from all over the world. With their many benefits, it’s not hard to see why online auctions have become so popular. But remember—winning at an online auction is going to require a different approach than you’d use at an in-person sale.

If you’ve got your eye on something in an upcoming virtual auction, here are a few strategies you can try to take home your prize!

1) Bid Nibbling

Bid nibbling or nibble bidding is a tactic where you put in a bid considerably higher than the initial price, but one that’s still under market value. If you know the amount your item is likely going to reach anyway, starting out higher will weed out buyers who aren’t serious and prevent a prolonged bidding war that ends up driving that final price even higher. Do your research on the market value of the item beforehand, so you can choose a number high enough to scare away bargain buyers but low enough to leave you room to go up.

2) Sniping

Online bidding is all about timing. A lot of virtual auctions have a hard-set end time. When that time arrives, the item is awarded to whoever got in the highest bid before closing. If you wait until the last possible second and bid a few cents over the last highest offer, you’ll box out the competition and “snipe” the item right out of their hands. If you’re attending a live online auction, you can still use this strategy to let the bidding cool off and increase your chances of getting a better price.

3) Squatting

Squatting is a psychological bidding strategy that lets buyers know that your interest in an item is serious and you won’t be going down without a fight. If the competition thinks you won’t give up, they’re less likely to put in the effort to outbid you after a certain point. Start by bidding early, then countering every bid that follows to mark your territory. A good tip to keep in mind for this approach is to counterbid using odd numbers, like $231.50 instead of $230, so your patterns are less predictable and the competition is more thrown.

As leaders in the land and real estate auction industry, we’re always providing buyers and sellers with innovative ways to be a part of our auctions at Smith & Co Auction & Realty. In addition to our live virtual and Internet auctions, we also have an app that gives buyers the power to bid in auctions from anywhere at their fingertips.

Check out our upcoming auctions page so you don’t miss out on that special property you’ve been dreaming of!

Benefits of Auctioning Your Home

Real Estate Auction Company in Woodward, OK

Home auctioning is a growing industry, fast competing with the traditional home listing by hometown-based real estate agents. In an age when we need everything done instantaneously, home selling and buying remains one of the most time-consuming and laborious tasks in the retail industry.

More and more sellers are exploring home auctioning as a definitive, clean alternative to a traditional listing.

Here are some of the benefits of real estate auctions:

Fast Selling Time

Auctioning your property brings about the results sellers are looking for with a very fast turnaround. Think of it as an open house guaranteeing a buyer. The traditional open house rarely results in a buyer, and if it does, the open house itself is only a precursor to the process that must follow to actually close the home. 

An auction brings in buyers who have already explored the specific attributes of your home and have prequalified. They come to the auction armed with the required security payment and financial documents. At the end of the event, your home is sold.

Access to Varied Buyers

With the ease of online auctioning, sellers have access to a wide variety of buyers. The likelihood of meeting your reserved price increases exponentially with the number of bidders present. That number increases with global access by potential buyers. Access is particularly beneficial if your property value is high. Through online auctioning, you are now reaching audiences targeted worldwide by your auction real estate agency.

Create Competition

The act of auctioning itself creates a competitive spirit among participants, and more often increases the final bid. It is within our human nature to achieve a win regardless of the competition. When you put participants together, there is a validation of the potential buyer’s interest by those who are present. If other potential buyers are bidding within the same range, it solidifies the value of the home to all of those participating, and participants are willing to continue to bid.

Sold as Is

Another benefit to auctioning is the finality of the sale. There are no contingencies, no negotiating. Properties are sold “as is.” The highest bidder wins. The seller does not have to negotiate the price based on some physical condition of the structure or value formula contrived by a buyer’s agent.

Convenience

Finally, the seller is continually inconvenienced to accommodate viewings by potential buyers in a traditional listing arrangement. With home auctioning, there are no scheduled personal viewings or open houses. Marketing the property and auction is undertaken by the auction agency. 

Most commonly, bidders are welcomed to view the property over a short period of time immediately preceding the auction or on a date within a few days to a week before the actual event. The homeowner is not subject to the continual interruption and preparations for home showings. One effort for one event, and the result is a home sold!

For over 30 years, Smith & Co. Auction Realty has been committed to providing exceptional service to exceed your auction needs. Be sure to check our blog for news regarding upcoming auctions and visit our Auction page to start bidding!

Auctioneers Association & Choosing an Auction Company

Land & Real Estate Auction Company in Woodward, OK

The Oklahoma State Auctioneers Association [OSAA], founded in 1955, was created to establish a community of fair auctioneers and buyers.

As a full-service auction and realty company, Smith & Co Auction & Realty is dedicated to providing exceptional service for both buyers and sellers.

There are many advantages to joining an auctioneer’s association, here are a few:

Develop meaningful relationships– An auction association gives members the opportunity to meet and fellowship with like-minded individuals by building connections in the auction world.

Learn insider information– The association gives its members quality auction information through a variety of sources. Members have access to newsletters, courses, and conventions.

Resources– The association gives members resources to make informed financial decisions in regard to auctions and other forms of buying.

Choosing the right auction company

Holding an auction is a great way to sell property, farm equipment, antiques, and other valuables. If you are trying to sell items, it may be difficult to connect with the right buyers so you can successfully sell your items. 

Smith & Co Auction has been providing auction services for over 30 years, with experienced auctioneers and real estate brokers. As the Past President and Board Member for the Oklahoma State Auctioneers Association, Ira Smith is an award-winning member of the auction community.  To provide sellers with the best service, Ira has continued his knowledge of auctions by attending conferences and courses offered by the OSAA and the National Auctioneers Association.

With Smith & Co’s thorough marketing plan, you can ensure that your items will be well advertised to the right kind of buyers across a multitude of platforms.

Contact Smith & Co. today and let us help you with your next auction! For more auction information or to inquire about selling or buying, call us at 580-254-3975 or fill out our online contact form.

If you are interested in joining the Oklahoma State Auctioneers Association, check out their online form here.

Tips for Purchasing Your First Home

Tips for Purchasing Your First Home

Before purchasing your first home, you’ll want to focus on a few very important steps of the home buying process. After stabilizing your credit, determining what you can afford, and researching all costs, you’ll be ready to get into the more exciting aspects of choosing your first home.

Stabilize Your Credit

Your credit score is going to either negatively or positively influence which houses you are able to buy. Get your credit report as soon as possible and start making changes to improve it.  In order to make the most of your credit score, avoid moving your money around in drastic ways for a few months before you plan on applying.

Don’t apply for new credit cards. Don’t take out new loans.

Banks and lenders are looking for consistency. This clues them in that you are reliable and a satisfactory candidate for a mortgage. Providing them a complete trail of where your money has been for the recent past can only help your credibility as a mortgage applicant.

Determine Your Budget

In all likeliness, a home will be the biggest purchase you ever make. Many people get into trouble when they try to buy too much house when they cannot afford it. It can leave you with less money for other financial goals you may have such as buying a new car or paying for college. Avoid this by maximizing your monthly mortgage payment at 28% of your monthly income. For example, if you are making $1,000 per month, you should only be spending $280 per month on your mortgage. Staying within this budget will free up your leftover income for things like paying other bills, taking vacations, and buying new cars.

Be Aware of Sleeper Costs

Naturally, the most important number to pay attention to is your monthly mortgage payment. However, you also shouldn’t minimize the importance of extraneous costs such as taxes, maintenance, and repairs.

Costs like taxes, routine maintenance, and unexpected repairs arise all the time, be sure to purchase a home that you can maintain.

Smith & Co. Auction delivers hundreds of live auctions every year to Northwest Oklahoma, selling everything from residential real estate to industrial equipment. If you are interested in purchasing a home or other property, check out our list of upcoming auctions to stay up-to-date on our forthcoming listings.

How Technology Has Changed Auctions

The history of auctions dates back to 500 B.C. The Roman Empire used auctions to liquidate and estate goods. The earliest records of auctions can be found in the 1595 Oxford English Dictionary. As times have changed the face of auctions has transformed to accommodate the digital age.

When most people think of online auctions, they think of the bidding website, Ebay. This platform has revolutionized the way in which auctions are operated. There are many differences between live auctions and online auctions the main one is accessibility.

Benefits of Online Auctions

The best part about online auctions is the fact that they can be accessed from anywhere you can gain internet access. Many auctions are moving towards using mobile phones as the best way to access them. Because most people have a smartphone it is the easiest way to connect bidders and buyers.

Depending on how the auction is set-up, you can possibly bid on something with the “max bid” option. This allows you to outbid all other buyers and complete purchase the item in one step.

Another benefit of online auctions is that you can view the items in advance of the auction. Most live auctions that take place in-person only let you view the auction items just moments before the items become available to bid on. This allows the buyer more time to view the items and have a chance to decide what amount they feel comfortable paying for.

Smith & Co Auction always allows items to be viewed for several days prior to the auction!

If you are interested in purchasing real estate, farm machinery, or land visit Smith & Co Auction.

Our dedicated staff of experienced real estate agents has conducted all types of sales.

With intricate knowledge of our local market, we help individuals and families find their dream property. Be sure to download the Smith & Co Bidding App to bid on auction items from anywhere! Give us a call today at 580-254-3975

Tips for First Time Auction Buyers

Auctions are a great way to purchase real estate, antiques, and rare items.

If you are new to auctions, however, there are a few things to keep in mind to make your experience as smooth and enjoyable as possible:

Arrive Early

Most auctions have 90 minutes of preview time before the event gets started. This gives you time to inspect and measure any item that catches your fancy. Be sure to thoroughly check any items that you want to bid on, ensure there are no defects unless otherwise noted.

Stay Focused

After doing your research on what items you will be bidding on, make sure to stay focused on your bidding items.

Learn the lingo

There are a few key terms that you may not understand if you are attending your first auction.  Terms like provenance, hammer price, and absentee bids can help you have better success at the auction. If you don’t know what they mean, make sure to familiarize yourself with these terms before the action starts.

Establish Your Limit

Auctions can be very exciting, but it is important to remember to stick to a budget. It is easy to get swept up in the excitement of bidding but be sure to stop once you have reached your spending limit.

Choose wisely

Items at an auction are sold as-is. Remember, unlike at your neighborhood big-box chain store, there are no returns at an auction. You will be expected to pay for the items you’ve purchased in a timely manner, even if you want to change your mind.

If you’re interested in attending your first auction, check out Smith & Co. Auction & Realty, Inc. We’ve been in business for over 30 years selling everything from farm machinery to ranches, as Northwest Oklahoma’s premier choice for land and real estate auction needs!  Be sure to download the Smith & Co Bidding App to bid on auction items from anywhere! Give us a call today at 580-254-3975 to find out more!