When the Great Recession of the past few years was rolling along, the housing industry took a huge hit. Everyone basically stopped buying. And existing home inventories hurt builders because there were just too many other houses out there on the market… and prices fell through the floor.
But last week, the National Association of Realtors (NAR) released data that showed the inventory of existing homes is at a 10-year low. The report stated that “at the current sales rate, inventories represent a 5.4 month supply” which is the lowest since 2006 (when the economy and the housing market were booming).
What all that means is the home building contractors are seeing an increase in demand. Builder sentiment has doubled from a year ago. More people are buying homes and renting apartments and that’s great news for the construction industry.
Of course, when inventories fall it also means that prices are going up. That’s simple supply and demand.
So, as long as the economy keeps chugging along – albeit at a slower pace than previous recoveries – it’s a good sign for our customers as well. Replacement contractors, remodelers, and other home improvement and home service pros should expect to see a lot more work and a busier schedule in 2013.
Homeowners are still tentative and there’s still a tightening of credit (for good reason) by financial institutions but, as the economy grows, people will start to spend again. Homeowners have been waiting for the election to be over, and they’re seeing signs of the job market improvements, so they’re ready to start making renovations to their homes. Or, their interested in upgrading their homes in order to attract buyers and increase value. And new homeowners will be looking to improve recent purchases.
Is your home improvement business ready to handle the increased workload? You’re going to have more leads to track and manage. More appointments to schedule. More jobs to manage. What’s the best way to deal with the coming chaos and stress?
Our customers have found that automating the way they do most processes in their business can save them time and money and can help keep them organized. Our system is designed to help home pros manage every lead – even the cold ones – until they buy. Automatically.
Let us show you how to better manage sales, marketing, jobs, reporting, and finances – from anywhere, at anytime. Talk to a success coach today at 866-421-3360. Get your business ready for 2013…