My last blog said it all with one single chart showing "The ugly picture of the market" . For the past few week the phone have been busier and the traffic has picked up some. So I decided to to take another look at the current situation and see if there was some positives to learn for this.
The first thing that I noticed is that the investors who were always there looks to get a steal, and tell you to call them with any great deal I may have for them. They were now calling me asking about the same deals I told them about 6 months ago, and is till on the market. One customer of mine called and ask why it is still on the market and I smiled and said because you have not put an offer in on it. He looked at an put an offer in, time will tell if it is excepted. I had called him 4-5 months ago on at least three listing and he was not ready, but in todays market something has peaked his interest. It is my feeling that the market has slowed down so much that now he can his Realtor, Banker or any of the many professionals involved in Real Estate who are very hungry for business from able and willing buyers. Those professionals currently have empty offices and are willing to talk business.
I also feel that even though I said in my last blog that the listings and the sales gap is getting larger, it will not last for ever and can not go that much farther. The South Florida market will not disappear completely. Just like all expansion is followed by contraction. The South Florida market is high priced to the average person living in this local market. If this situation is not corrected naturally, which the market is doing now, we could loss local business to the fact that high local housing prices have made it hard finding local affordable labor. So everything we see in todays market is natural and must correct itself, and should be very close to an end. As I said earlier we do have signs the the business is picking up.
Can you guess the last thing that is no longer in the picture? Hint look left then look right. Notice the empty desk and chairs in your office and all the other offices around town. The gravy is no more now the remaining work out there is for the few agent that are left. It will be enough to pay the bills, but the bad apples are GONE! The hard working one are here for the next roller coaster ride up. So what is left is the Good Hard Working agent that can make a living in this market or any other. So hang on tight we are on the ride UP on this coaster!
The Keyes Company
Cutler Bay, Florida