Housing Giants - July 24, 2008 - (Page 25)

track how many home sites they have left, how many they sold the previous month and what their pricing was. Doug Wilson, a consultant with Next Solutions, says that in many markets, builders will likely face increasing competition from both new and used foreclosures. As the subprime crisis continues to unfold, the trend will likely continue, and he says that up to 50 percent of the sales in some markets could be of foreclosures. In the first quarter of 2008, RealtyTrac reported almost 650,000 properties in some form of foreclosure, representing a 23 percent increase from the previous quarter and a 112 percent increase from the first quarter of 2007. Foreclosure activity in the first quarter also increased on a yearover-year basis in 46 out of the 50 states and in 90 of the nation’s 100 largest metro areas. In many markets, sales managers will increasingly have to keep an eye on foreclosure filings and monitor foreclosure inventories, which will likely have a substantial selling advantage because of lower list prices. “You should keep track of not only the notices of default but the actual posting of foreclosures. Know what that number is and know how you are going to compete against that,” says Wilson. managing sales teams witH metrics and data Nanette Overly is vice president of sales and marketing for Epcon Communities, an Ohio-based developer and franchise operator of single-story residential condominium communities. She says her sales managers look at traffic reports on a weekly basis and receive daily updates. Overly says traffic reports are not just important to find areas for improvement but to determine what marketing efforts are working or why traffic is being driven demograpHics data and reports combined with the information that is gathered from economic reports, demographics can point to the future direction of the housing market. with many renters’ having been priced out of the market during the boom, consultant doug wilson says they represent one of the most viable and promising markets in the current environment. For more on demographics reports and data, check out our three-part series. www.Housinggiants.com 7.24.08.Housing giants 25 http://www.housingzone.com/GIANTS/article/CA6421683.html?q=doug wilson http://www.epconcommunities.com http://www.housingzone.com/giants/article/CA525295.html?q=traffic reports http://www.housingzone.com/giants/article/CA6549580.html http://www.housinggiants.com

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Housing Giants - July 24, 2008 Contents Viewpoint News & Moves Process Critical Management Series: Part II

Housing Giants - July 24, 2008

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