Miami Real Estate Market Results For December 2007--The other side of the story

It seems a day can't go by without reading a news paper article or hearing a story on the nightly news that discusses the current real estate market. The picture that is being painted is one of doom and gloom. And let me tell you there is more to the story than is being reported. There are many real estate success stories every single month in Miami. Now don't get me wrong, I understand that we aren't experiencing the growth that we enjoyed over the last 5 years. I understand that the days on market for a property to go under contract has risen by several months. I understand that the level of inventory has also gone up dramatically. And I understand that the prices of homes are going through a very normal and natural correction.



Here is the side of the story that isn't being reported. According to our local MLS, for the Month of December 2007, in Miami-Dade county, 670 Single Family and/or Condo/townhomes sold. When you consider that there are 2 sides to every transaction (a buyer and a seller) then you can see that 1340 parties achieved their real estate goal of buying or selling a home in what is historically the slowest month of the year. Furthermore, since most people didn't work last week there are probably many more homes that have sold but have not yet been recorded in our MLS.



So the obvious question is why did 1340 parties succeed at achieving their real estate goal while so many others sat around and bought into the story that no one is buying and no one is selling? Or perhaps a better question is how can you become one of the success stories of January? The answer to these questions is rather simple and can be summed up in two words "mindset" and "motivation".



First, these parties had the right mindset. What I mean by that is they truly believed that could buy the home of their dreams if they were a buyer or, if they were a seller, they believed that a buyer for their home really did exist. They didn't buy into the hype that lenders were no longer lending. They didn't say well I will just have to wait out the market. Rather, they believed that they would achieve their goals and sure enough they did.



Second, and most important these people were motivated. They were so motivated that they took action. We've all heard the old saying that motivation is worthless unless you act upon it and create the success you desire. The buyers that bought didn't find they property they chose by accident. With over 40,000 properties listed in Miami in our MLS they called on an agent to help them find exactly what they wanted. After making that call, in most cases, they probably had to look at a dozen properties or so before making a final decision. But without the proper motivation they never would have acted. The sellers that sold, also, did not sell by accident. They interviewed a listing agent. In some cases they may have interviewed more than one agent. In most cases they probably went with the agent that seemed to be the most aggressive. Then that seller worked along side with the agent as a team. The seller ensured that the property was available to show. They kept the property in good condition to ensure that they stood out from the competition. In many cases they offered incentives to get their property sold. They priced their property correctly causing a buyer to make an offer. All of which would not have been possible without the proper motivation.



You see there really are two sides to every story...they question is which side do you want to want to be a part of?