Easing The Crunch: The Push To Square Low Housing Supply With High Consumer Demand
As the calendar turns from the long, warm days of Summer, to the brisk, cool days of Fall, the real estate market typically sees a slow down in buyer demand. After all, there is a reason that Spring is considered “buying season” after all. However, don’t expect that to be the case this year. As home buying demand continues to surge across the country, housing supply still is lagging well behind, causing prices to continue to rise. “The market here is still crazy busy,” said Nelson Zide, executive vice president, ERA Key Realty Services, Framingham, Mass. “We continue to see buyers clamoring for homes, and for second homes, and anything decent under $1million is snapped up within days or hours. One home here listed at $525,000 drew 55 offers in a weekend. The problem is supply. In my 40 years in the real estate industry, this is the worst I’ve ever seen it.” This market reality presents a great opportunity for developers, home builders, and residential communities to command the demand. There has never been a more active pool of buyers out there searching for your community and home. The tendency amidst a pandemic and unusually high demand can be to pull back on marketing budgets. The reality is that there has never been a better time to deploy your marketing dollars. Now is a great time to review your marketing plan and ensure ad dollars are being as efficient and effective as they should be, so you can grab the buyers who are waiting to discover all you have to offer.