Realtor® Asserts Mild Mannered Market Belies Bursting Bubble

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Are we in denial, reacting in slow motion or simply lucky in today’s real estate market?

Robert Anton Wilson observed in his book Prometheus Rising, “whatever we think or believe, we can also prove. The Thinker can think itself sick, and can even think itself well again and the Prover within will prove it right. As we defend our beliefs that are the result of our past experiences, we allow our past to rule and form our present.

Today, some can find “irrefutable evidence” that the real estate market is about to burst, while others believe that the real estate market is healthy and will remain so, and they too can find “irrefutable evidence” that proves their perspective. Who’s right? Can they both be right? Here’s an example.

The owner of a completely upgraded home in Venice Beach California, has chosen to sell it by “Auction” on Saturday July 8th at 11:07AM sharp. The property will undoubtedly sell at the auction that will probably last around 30 minutes.

Why did the owner who could have sold it the traditional way chose to sell it by auction? Why not simply list it in the Realtor® MLS and wait for buyers to show up over a period of time? Is this “proof” that the real estate bubble is bursting or “proof” that traditional real estate is adopting to a changing marketplace and consumer needs? Or is it both? According to Paul Yalnezian, President of Right Home, the real estate company that will be auctioning the property, it is the latter. “Today’s consumers are sophisticated and are demanding more effective and affordable alternatives that traditional, independent commissioned agents are not equipped to deliver to the consumer” said Yalnezian. “Waiting for buyers over a period of months is not how an efficient market works” he added. “An auction is an extremely efficient, honest and fair way of selling a property at its true market value in less than an hour. Prospective buyers see each other, eye and evaluate each other, openly compete and bid against each other instead of writing offers in a vacuum, or competing in a vacuum against real or phantom buyers. While an auction is probably the best definition of “true market value” an auction also makes sure that both buyers are sellers get to play the game fairly and ethically, in the open, in the presence of each other.

The inventory of listings is rising while the number of able, ready and willing buyers has dwindled significantly. We are seeing more and more price reductions. Although the number of mortgage defaults has risen by over 75%, so far the predictions of mass exodus and foreclosures has not taken place. This healthy slowdown is exactly what an economic doctor could have prescribed. The bubble may be deflating and that alone will probably prevent the burst.

If consumers can choose the service they like, the way they like it, when they like it, they are bound to be happy. It is evident that both the marketplace and the industry are changing. Not only do I think that I’m right, my prover within has the evidence to back it too.

For more information about Right Home services or the Venice auction, consumers can reach Right Home at 800-873-8373 or by visiting RightHome.com.

Who is Paul Yalenzian?

Paul Yalnezian is the President and Operations Manager of Right Home, a non traditional real estate services company that employs salaried real estate agents in a setup that delivers better service overall as well as more expertise and experience to the consumer. Additionally, they offer mortgage, escrow, foreclosure prevention services, a unique plan for senior citizens, auctions as well as the traditional way of selling real estate, all under one roof. Paul Yalnezian also hosts the company’s weekly TV shows airing throughout Southern California and has even earned an unprecedented recognition from the US Department of Housing and Urban development as “innovative and consumer-friendly” and “applauded” for its efforts to “rid the industry of fraud and deceit and regain the confidence of the American consumer.”

Suggested Questions:

  •     Has the bubble really burst? Are buyers and sellers panicking already?
  •     Why are real estate auctions better than traditional sale?
  •     Are auctions better for sellers or buyers?
  •     Does it cost more or less to sell by auction?
  •     Why are real estate auctions not as common in Southern California?
  •     Why only very few properties in Southern California sell by auction?
  •     Do properties typically sell for more or less at an auction?
  •     Is it easier to sell by auction or the traditional way?
  •     Can we expect to see more real estate auctions in the future?
  •     Don’t auctions create the wrong idea in buyers’ minds and attract vulture buyers?
  •     Aren’t auctions for distressed properties and probate or government sales?
  •     Can you give examples of how the traditional way is less efficient and less reliable?

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