Slow Real Estate Market Turns to Hard Solutions

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This search for the "magic bullet" has spawned more than one new idea in marketing.

The slow real estate market in Myrtle Beach has made nervous sellers, buyers and realtors become more creative in their approaches to moving property. This search for the "magic bullet" has spawned more than one new idea in marketing. The latest brainchild - auctions- is new to the area but not to the rest of the world.

"Over 90% of the real estate worldwide is sold through auctions," said Jeremy Bass, President of Executive Auction Firm, Inc. "When there is a significant shift in perceived value, the market will correct itself. This is what we are currently experiencing in the real estate market. Historically, resort markets have been somewhat insulated from major shifts in the national economy, due to the uniqueness, amenities and emotional lure of these areas. But the magnitude of nearly unparalleled national financial turmoil has left us staring into the eyes of a financial dragon."

Several factors have hampered the good health and growth of real estate nationwide, and it's now hitting hard in resort markets such as Myrtle Beach, SC. An incredible overabundance of properties, a tighter & more restrictive lending environment, skyrocketing property insurance and HOA fees top the list. Bass's firm plans to overcome these impediments by holding auctions featuring high value properties that can potentially be bought at a bargain basement price. In addition, many of the properties are being offered with 100% owner financing to the high bidder, with no bank qualifying.

As to the problematic insurance and HOA fees, "Some things are best left to the regulatory and legislative authorities," said Bass. "The positive effect is that people who desire property-ownership in a resort market can now realize that goal-even with unbelievably poor credit, since many of our sellers will owner-finance to anybody, just for debt-relief. Savvy buyers know that when property values have hit rock bottom and prices are down, auction signs go up.

Executive Auction Firm will hold its next auction at the Grande Dunes Ocean Club on October 27 from 11am to 2 pm. For more information, please visit http://www. ExecutiveAuctionFirm.com or call Executive Auction Firm, Inc. at (843) 839-9855.

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RICHARD ROMANUS
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