By Charles Pickens for RealEstateAuctions.com
Foreclosures. Loan modifications. Short sales. Underwater home owners. Terms that were obscure at best just a few years ago have now become part of our everyday vernacular. Home sales have not picked up as predicted, the real estate industry remains a buyer's market with a surplus of inventory the likes we have never seen. Many homes are now offered for less than half of their original value.
What if someone told you that today’s real estate market was thriving? That the sub-prime lending crisis was no longer an issue? What if they went on to say that opportunity has never been greater for the sellers of real estate to liquidate their properties at or above asking price? You’d probably say that person was some poor real estate agent who has finally lost it. Certainly someone who has become so desperate for good news, they’ve decided to create their own. Interestingly enough, there is a place where this is actually true – the real estate auction.
It is the auction process that has enabled the sellers of real estate to regain control of the market. Imagine knowing the specific date and time your property will sell! This heightened degree of certainty and control is drawing the once obscure real estate auction market to the forefront of how real estate is sold today. No longer are sellers sitting on their hands waiting for a broker to find a “qualified buyer” and then become engaged in incessant price haggling that may or may not consummate in a sale.
To those in the know, auctions are not the last resort for dumping properties. That’s one of the auction myths. Instead they are viewed as sleek, streamlined, professionally run marketing campaigns that not only generates a wider level of interest than traditional sales, but fierce, adrenaline-stoked competition between buyers determined to prevail. The savvy members of the professional real estate industry have already added this powerful liquidation and acquisition tool to their wealth-building arsenal.
They understand that is the auction environment that drives the pricing and ultimately brings the seller the greatest return.
Indeed, the real estate culture is changing and it’s just a matter of time before the secret is out.
Charles Pickens is a Business Development Executive and Team Leader for RealEstateAuctions.com in New York City. For more information about New York auctions, contact Charles at 646-824-3350 or cpickens@omegaservicesgroup.com
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