The Public Speaks
In marketing and PR listening to the public is one of the most important steps, especially when they close their wallets. Here is a case in which an industry outstripped demand and is facing an inevitable downturn. Home builders need to construct affordable housing and they haven’t done so. Householders need to moderate greed when selling their abodes, and they have yet to moderate asking prices. The effect is a slump, which won’t be dismissed easily. The pain will endure until all sides understand that growth won’t return at today’s prices. First-time buyers are nearly shut out of the market, especially with higher mortgage rates. Those fortunate enough to have bought low and sold high are gone. Contractors and householders now are sitting on properties that aren’t appreciating. The best they can do is to wait or to sell for whatever they can get.
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