Weathering a Downturn in Home Sales

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Weathering a Downturn in Home Sales
The more on-the-ground information you have, the better strategic moves you'll be able to make.

Existing home sales for October show another decline compared to October 2005. The general media is definitely making a great deal out of the "housing slump," mostly due to the fact that they've been writing about the "housing bubble" for the past five years. With this kind of prognosticating, eventually you have to hit the mark.

Or is there something else at play regarding the latest dip in home sales? According to a study commissioned by the National Association of Home Builders, 80% of home buyers indicate that price is the main factor in deciding whether to purchase a home. There is some reliance on the news media for information about the general marketplace; however, this is no substitute for individual local market factors.

Actually, the NAHB study's results show that only 19% of the respondents rely on general news media information. So if there is a downturn in your particular area, it's better to learn from local home buyers themselves, rather than watching the local news. The more on-the-ground information you have, the better strategic moves you'll be able to make in order to weather any possible storms and take advantage over your competitors who haven't done their homework.

Want to hear about a specific topic related to the Real Estate or housing industry? I invite you to write down your thoughts and email them to us.

Jonathan A. Schein, President & Publisher
HouseMediaNetwork.com & New York House Magazine

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