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Real Estate Industry Catching Up, Market Players on Full Retail Mode

Posted by Leian Kae L. Naduma on Nov 06, 2015 08:31 AM EST
August Existing Home Sales Drop To Lowest Level In 7 Months more big
CHICAGO, IL - SEPTEMBER 21: A home is offered for sale in the Logan Square neighborhood on September 21, 2015 in Chicago, Illinois. Sales of previously owned homes fell more than expected nationwide in August following three months of gains. The slump has been attributed to lack of inventory and rising home prices. (Photo : Scott Olson/Getty Images)

The fifth annual Market Trends event revealed that the real estate industry is trying to cope with the consistent increase in risks for purchases by adapting the "retail mode." This was due to the fact that the frequent changes in consumer preferences in purchasing homes have affected overall sales.

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As reported by News Press, last Wednesday night, Randy Thibaut, the CEO of Land Solutions, as well as other real estate industry leaders met for the annual Market Trends convention. During the meeting, they discussed how the top players in the field are to cope with the consistent changes and other fluctuations in the real estate market.

The central speaker of the event was Thibut, who acknowledge the ongoing dilemma of how to cope up with the industry's changes, He stated, "There was a time when a realtor couldn't go wrong, a time when everything was wrong, and a time when you couldn't go wrong again, buying for pennies on the dollar. Now we're in a time where you can be right or wrong. There will be winners and losers."

This was his reaction to the current events which led the top builder in permits who withdrew his building apartments. Additionally, they switched their focus on investing at assisted-living establishments than upholding their usual projects in traditional residences.

Thibaut also acknowledged that an unsuspecting change in preference regarding the most sought after properties changed to lesser valued homes. He indicated that Ave Maria, the less-likely of all subdivisions to sell as much as they have for the season, was able to land more buyers than usual. He said that this was due to the homebuyers nowadays would prefer to acquire residences because of price, value, and the convenience of location.

In other news, Naples News reported that the 350 attendees of the said event learned from Thibaut that the industry is close to incurring oversupply and that necessary changes should be imposed.

Furthermore, the builders and developers were also considered to be at a disadvantage because they have not been able to get cheaper land prices despite the boom of the real estate industry. Because of such, the industry is considered to be in full "retail mode."

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