According to RealtyTrac®, more than 272,000 homes in United States received at least one foreclosure-related notice in July 2008. This is up 55% from the same month, a year ago. RealtyTrac® reports that as many as 750,000 foreclosed homes are in their database of homes for sale, i.e. 17% from the 4.5 million U.S. homes that were up for sale in 2008.
To deal with the financial crisis, lenders are requiring larger down payment and higher credit score, squeezing many home buyers out of owning a home – even though prices have fallen.
What does this latest trend mean for the future of Real Estate?
Where there is blood, there is opportunity. As Sr. Winston Churchill once said, a pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.
The reality is that real estate market has always bounced back and reached new heights.
The media today is focused on the present national and worldwide economic crisis, totally ignoring new opportunities which are about to make a very significant positive impact on the market as it recovers from the current slump”, said Boris Gruzman, CEO and President atPropertyMinder, Inc.
First and foremost we are in the middle of a global, demographical shift. In 2006, almost 500 million people worldwide were 65 and older. By 2030, individuals 65 and older are projected to increase to 1 billion – equaling one out of 8 of the earth inhabitants.
For the Real Estate industry, this means a growing retiring market. Baby boomers are retiring every day and always looking for a high quality Burgan-priced retirement properties.
While aging baby boomers are expected to look for retirement homes, the new Generation X and emerging Generation Y are taking their place for a first home and investment home markets. This is a great opportunity for tech-savvy agents with Internet marketing skills.
Who are these new buyers and what do they demand?
Gen-Xers do not read “Just Listed” post cards and other junk mails. They no longer care about the brand and the size of your car. These highly educated, technology savvy buyers in their 30’s and 40‘s are seeking your expertise.
So, how will we survive the market downturn and prepare for a rapid growth?
The answer is “Cut your expenses, adopt the latest technology and learn new marketing skills”, advised Aric Kazarnovsky, Executive Vice President at PropertyMinder, Inc. Here is Aric’s recipe for survival.
1. Replace expensive and ineffective traditional marketing with more effective new marketing concepts. There are a lot of new ways to improve your visibility and increase your lead production at a fraction of the traditional marketing cost. Learn the iMarketing techniques, embrace low cost search engine advertising, Craigslist , social media, listing syndication, mobile technology and many other opportunities to cut cost and extend your reach. For more bright ideas, attend a PropertyMinder free iMARKETING Seminar. Visit iMarketing Seminar page for a schedule of upcoming seminars near you.
2. Save your gas and car maintenance. Make your buyers preview homes and learn about their dream neighborhood without leaving their home or work by using your convenient and “fully loaded” consumer centric website. Visit PropertyMinder, Inc. and learn about our AccelerAgent productivity and marketing technology.
3. Value your time. In this unpredictable market, many agents are unable to upgrade their skills. Take some time and learn new marketing concepts for yourself. Visit TECH-MAR Clinics and learn about our web-based marketing clinic for Real Estate professionals.
Aric Kazarnovsky, Executive VP