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Wednesday, June 20, 2012

Real estate recovery depends on: Location, location, location

Trend Observation:  A report from today’s Wall Street Journal reminds us of the old real estate adage that location is everything.  And not just in terms of the city or region where your home is located; the value of property might come right down to the neighborhood where it sits.  Evidence is mounting that the chasm between upscale areas and those facing economic challenge is only widening, as buyers are likely to pass on the most distressed neighborhoods until inventory in more desirable areas is sold out.  Click here to see the story (subscription may be required).

Marketing Implications:  Understanding the landscape around your place of business might influence your strategy for the near term, or perhaps even an extended period of time.  Are you seeing home prices rebound in your area (the trade territory in which you do business)?  Like a good dance partner, your marketing should mirror the steps of the consumers you serve.  And let them lead.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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