The country is in a unique position, one that hasn’t been seen for decades. Lumber has nearly tripled in price while inventory for buyers is almost nonexistent. As with any situation, change is coming. Real estate investors must be ready and begin building their brand in anticipation of change.
Where Things Stand Now
Inventory for new homes is at its lowest as has ever been recorded in history. Contractors are swamped with new builds, which means anyone looking to build now may need to wait for months before they can even find an available contractor.
Lumber is nearly triple in price while other materials for building can’t even be found. The cost of building a home has gone up significantly. The contractor isn’t making more money; they are just trying to recoup from the increase in expenses.
The Future of the Real Estate Economy
Right now, evictions and foreclosures have been suspended across the nation. However, that will change at some point. Places are opening back up, and the world is starting to look like it once did, pre covid, and once evictions and foreclosures are allowed, there is an estimated 11 million people in that situation.
For now, landlords are stuck with tenants who aren’t paying. They still have a mortgage to pay even with no income.
Even with the unpredictability of the real estate market right now, investors can place themselves in a position to benefit from the changes. They must begin building their brand ahead of time, getting their name out there when people need to call on a cash buyer.
Statistics have shown in the past that it takes up to five times of seeing an ad campaign or name of a company for it to register. Multi-touch campaigns address this issue by creating multiple points of contact. To begin or revamp your marketing, check out the products from Open Letter Marketing. Give us a call and let us help you develop your brand in this unprecedented time.