The saying that every cloud has a silver lining could never be truer for the new home industry right now. While it might be tempting to focus on the grey clouds and the reality of the situation we are facing in the world, we’re here to draw your attention to a very important silver lining. This is our time.
You might be wondering how we can hold such a positive outlook, but I’d like to call your attention to an important and unprecedented trend that we are seeing. Used home inventory is down drastically! For the first time ever, we have an opportunity for new home sales to rocket past used home sales. This is our chance to take the market by storm. Did you know that used homes traditionally outsell the biggest builder by 100:1? With 20% less used home inventory available and still a generous demand, one could say that the market is there for the taking.
Even with a preference for new homes, used homes have too long been winning the battle for home shoppers. There have been a list of visualization challenges that have contributed to consumers ultimately making the decision to buy a used home, but in the last two months more and more builders are making huge strides in overcoming some of these challenges. We feel like these challenges paired with current market conditions provides the biggest advantage for us to take more market share and keep it.
According to Google search trends, demand for homes is holding at 90% of where we were and we’ve seen steady increases for three weeks in a row.
I can understand that many of you may still have some trepidation around putting the gas on your advertising because we are all holding our breath waiting for the worst of the worst, but now is not the time to hold back. This is our chance to take the market by storm and conditions are in our favor. Let’s do it. If you are looking for ways to navigate the times, BDX can help. Stay tuned for upcoming webinars, informative content or drop us a line via the form below. Our Digital Marketing Consultants are helping builders get virtual ready by walking them through a customized Virtual Shopper Readiness Assessment. As always, stay safe and stay positive!
