Adapting to a new market

October 10, 2008

A lot of builders have stopped building spec homes all together.  It’s contracts or nothing.  It’s just to risky right now to sit on a high end spec home.  What some have done is move down in price range,  140,000 to 180,000 homes as opposed to 300,000 and 400,000.  Hey, why not right? if they sell early in the construction process, or just at completion you have a good chance of making the same profit margin as you would sitting on a high end spec for 6 to 12 months.  It keeps the subs busy, keeps the draws coming and keeps the bills paid.  Adapt, that’s what you have to do.

That goes for Realtors as well, I recently spent two information filled days near Detroit learning about short sales.  I received my designation as a Certified Distressed Property Expert.  In the past, I haven’t had to explore this end of the market to maintain my career, well, now I do.  With the slow down in new construction which has contributed to nearly 90% of all my sales, it is time to get educated, put my nose to the grindstone and try to help some people avoid foreclosure.  Lord knows there are a lot of people in desperate situations who have a wealth of mis-information regarding this subject.

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One Response to “Adapting to a new market”

  1. Jonathan said

    Love your blog.

    Keep up the great posts and information.

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