As the housing market continues to improve, developers and builders are experiencing a favorable trend amongst prospective homebuyers. After several years of building a pipeline of leads and grinding out sales through a lengthy sales process, the timeline for sale has shortened considerably. The market rebound is trumping the seasonality of many markets, with buyers now purchasing within weeks of their initial sales office visit rather than months or years. As specialists in the marketing of residential real estate, Cotton & Company is witnessing the shift across multiple markets indicating a positive trend.
Many buyers have been sitting on the sidelines for the past several years waiting for the right opportunity and a more positive economic outlook. This reluctance to purchase has resulted in a pent-up demand that is manifested in today’s rapid purchase decisions. Qualified homebuyers are entering sales centers having done their homework online. Sales executives are meeting more educated buyers often already familiar with the details on the location and amenity offerings. Kudos to developers and builders who upgraded their website presentation during the down cycle. The marketing investment is now paying sales dividends.
Developers relying on traditional seasonality in planning a new community launch may miss the early wave of buyers jumping back into the market. With liquidity in the sale of existing homes, purchase decisions in many cases have shortened to 30-60 days. That’s great news for buyers who will be moving into their new homes before year’s end and a sign of good times ahead for the real estate industry.