It’s funny how the media can twist things around, exaggerate, and change the way people think. The real estate market is a complicated beast, and no one sentence can sum it up accurately. Yet, as we all know, the media has everyone thinking one sentence: “the real estate market is crap” (excuse my French.) The media and the so-called experts speak in sweeping, general terms and they all conveniently forget to mention the most important fact which is “real estate is local.” In other words, not all real estate markets are the same. And many are, in fact, doing great.
Real estate is local. What this means is that every market varies – not only from one city to the next, but also from one community, one street, one house to another one. The market is created by supply and demand. There is a community in Boca Raton, for example, (a city which some may say has a slow market) where homes are snatched up as soon as they hit the market. It’s a young community in a good school district with less than 200 homes. There is very little inventory to buy. That market clearly is local and has nothing to do with the market in the city of Boca Raton, the state of Florida, or the nation for that matter.
Real estate is an imperfect market, which means there will always be deals. Part of our business is based on this principle, because to this day the most millionaires that exist have been born out of the real estate industry.
