Hong Jian was my adopted Asian name that I learned recently was used erroneously back-to-front. The guys at work told me it should be Jian Hong instead. But I can't be bothered so back to basics - from now on I am Matt (my middle name Matthew).
Okay, I don't care whether you are an auctioneer, agent, buyers advocate or the tea lady back at the office. I know plenty of all of the above. Nor do you really care about your exciting anecdotes about Asian folks paying premium prices for houses.
At the end of the day, it is like p_issing into the ocean. The crash will take everyone with it, your Asian clients included.
They will bolt just the same if they are speculating for gains and not to reside in them. They will become victims of negative equity just the same. Anybody who bought in 2009 will likely see negative equity before the end of 3rd quarter this year.
Speaking of your transaction saving the world. Have you ever heard the story of the frog living on the bottom of the well who sees the world from a certain unique perspective despite what happens to the world outside.
Before Stockon Carlifornia and Las Vegas went bust (50% -60% down), any agents would have done more business in a week than you can poke a stick at in 6 months.
Asians that are not familiar with the local RE market are biggest victims of agents. They overpay and they also (and you would know) have a tendency of trying to outbid themselves. Sometimes, I felt like walking up to one of them and say, "mate, you got the house, stop raising your hand !". They are hopeless in spoting clues and the language barrier make them perfect prey for agents to con and rip off.
