This week, our BDXtra podcast featured Tim Costello and Melissa Morman discussing the trends they are seeing in the industry. In case you didn’t get a chance to listen, here is a quick recap.
Some Good News
For the second week in a row, we have seen an increase in consumer real estate searches… in fact, there was a 4% increase nationwide over last week. We are only down 19% YOY which means that 81% of shoppers are still in the market and all indications are that these shoppers are highly motivated. In fact, across NewHomeSource.com we have seen a 36% increase in conversions to meaningful actions. In many ways for home builders, it is a strong, powerful market out there.
Seizing the Opportunity
Couple this news with the diminishing supply of used homes on the market and there is a real opportunity. The number of listings is dropping and this is a huge chance for builders, especially those with inventory homes to provide a real solution. Another interesting trend we are seeing is the handful of new cities popping onto the list of top 25 building markets. While familiar places like Raleigh/Durham and Austin still dominate the list, surprising markets like Detroit and Seattle are also making appearances. We expect this trend to continue as buyers look to flee crowded urban areas and apartments for single-family, detached new homes in suburban neighborhoods.
One thing all builders need to be focusing on is messaging. We need to make sure we are nimble and changing up our marketing so shoppers know that:
- We are open for business.
- You can shop for, buy and design a home virtually.
- The process is easy and safe.
- We have inventory homes available now!
6 Things To Remember In These Challenging Times
To recap, here are 6 things you need to remember right now:
- Think about your messaging – it’s important to be flexible and change with the situation.
- CTAs on your website and marketing materials need a fresh look – make sure they are geared toward virtual buying.
- Make sure you are making the process easy for shoppers. Consider step-by-step guides.
- Content. Content. You need great content that virtually tells your story and showcases your homes. You need it now, but it will pay off long after this time passes.
- Consider shifting your marketing channels to those that are focused on shoppers already in the market –not the time for top of the funnel brand building.
- Don’t forget the agents! Make sure they have all of the information and tools to showcase your homes.
Want to hear more? Listen to our full podcast here: BDXtra Podcast