Amid rising home prices, increasing home sales, and falling delinquencies and foreclosures, more than 1 in 4 consumers (27%) feel more positive about home ownership than they were six months ago, according to new research from Trulia. In fact, 31% of today’s renters plan to buy a home in the next two years—a 9‑point increase from 22% in January 2011. However, some Americans remain skeptical about owning a home.
Tag: real estate
The real estate market is beginning to show signs of life with buyers out looking for deals in some regions. To attract both buyers and sellers, realtors need to advertise. Since the start of the great recession, the array of advertising formats has increased and more realtors are turning to online and social media methods.
Until recently, growth in the U.S. housing market had been fueled by the rising demand for single-family homes. Realtors established their businesses by promoting homes that were for sale. Some analyst believe a housing recovery has begun but they predict that type of demand in the industry, and the related advertising, will differ from what we’ve been accustomed to seeing.
Nobody is predicting that the real estate market is going to roar back. But there are glimmers of hope for an improved outlook as this year’s selling season begins. The latest forecast from Robert Charles Lessor Co. (RCLCO) shows some sectors are in full recovery while others are headed in that direction within the next 6 to 12 months.
Despite a subdued outlook for new home sales across the U.S., some builders are finding ways to improve their visibility in the local marketplace. It’s all about being green. More builders are using the green angle in their marketing for both new builds and renovations. This trend is expected to continue through at least 2016.
As most media companies know, the real estate advertising industry is largely local. Earlier this year, Borrell Associates predicted that real estate agents would spend about $21.8 billion on advertising in 2011, an 8% increase over last year. Attendees at the Local Mobile Advertising Conference, hosted by Borrell Associates in Chicago this week, heard that 44% of a typical realtor’s ad budget is spent online. And now, the spending is going mobile, a trend that could pose a challenge for media companies that haven’t yet entered the mobile fray.
Stung by the collapse in the home ownership market, consumers continue to move into rental housing. And landlords are taking advantage of the interest in rentals by raising the rent. As a result, more consumers now say they are looking around for new apartments which may give rise to more advertising in this market.
In a report I highlighted earlier this week, the best that can be said for the housing market is that some geographic regions are seeing gradual recovery. Because of the general economic conditions across the U.S., both realtors and builders may fare well by focusing on specific demographic groups as they build and sell new residences. A study on the senior housing market by Robert Charles Lesser & Co. shows that targeting upper income seniors could be lucrative for marketers.
Is the market for existing homes ready to turn a corner? The National Association of Realtors (NAR) believes so but the market may not recover in the way it typically has following recessions. However, homes are selling in many markets which means realtors are advertising more listings.
Even as the economy continues to recover, the real estate market is struggling. Home prices are still falling in many markets and few analysts expect to see the number of house being sold to jump drastically anytime soon. The increased competition has realtors turning to a variety of new marketing tactics to make a sale.
Realtors and other professionals that cater to the property market are preparing to enter the typically busy season for home sales. Several economic indicators point to a slower than average market this year. Continued high levels of unemployment and difficulties in obtaining financing are 2 problems that may crimp housing sales. But this year’s report by The Cotton Solution shows that the vacation home market may be recovering.
Last week, the National Association of Realtors announced that the index of sales agreements on existing homes rose 10.4% in October. Though this represented a significant increase over previous months this year, signings remain at least 20% below October 2009 levels.