With a reputation for its eclectic culture, great weather, and even better food, Miami is the place to be. It seems that more and more people want to put down roots in the Magic City as the housing market is hotter than the Sun.
More competition and less inventory, combined with bigger savings accounts and lower interest rates, created a seller's market with only 18.1 weeks of supply. The median house price in Miami has increased 20.1% over the last year. According to the Housing Affordability Index reports by RealtyHop, the market dethroned New York in February 2022. It took the title of the most expensive, with a current median home price of $600,000.
Reno Davis, a seasoned Miami-based real estate wholesaler, points out that despite the relative high-entry cost, there has been no better time to get into real estate. The seller's market can be quite forgiving toward new investors, as the homes are almost selling themselves. However, Davis adds that those who decide to jump in need to keep one thing in mind. "The market might be great, but the homes and the people aren't going to come to you by themselves. You have to take the initiative and put your words into action," he says. "It's the same deal when I first started. You are not the only one with this idea. Miami is a high-market area, and you have a million people trying to do the same thing you're doing."
And the competition never rests. As Davis explains, the only way to come out on top in such harsh conditions is to be the loudest new kid on the block. "It's going to boil down to the fact if you got the thing that will separate you from the pack and show you are different," he adds. "Going out there and being loud enough that you got to be heard."
The recipe for success Reno Davis used seems rather simple at first glance — do whatever you need to do to get noticed. However, going all in meant he had to work hard when the competition was awake and even harder when they were sleeping.
Fortunately, Davis is the type of person who has beckoned chaos and infinite workload into his life ever since he was a young kid. His mind has to be occupied at all times. If there's a moment of silence, something is wrong. Starting a career in real estate has gotten him to where he should have been. For Davis, real estate offers an opportunity to put his head down, work, and stay on the lookout for new business opportunities.
"I'm never satisfied with where I am. I'm always looking for more," he says. "I always want to get more, and more, and more. I'm always looking to upgrade and take things to new heights."
Still, that doesn't mean that those whose definition of a balanced life is wildly different can't succeed in building a successful career in real estate. "Patience was never my virtue, so I have to do things now and in an instant," says Davis. "But the real key to success is to work on yourself. You can have your tempo, any tempo, as long you try to make yourself better. If you put enough hard work over time, success will manifest. That's a guarantee."