For the last 12 months or so, headlines related to the housing market have been mostly positive. Stories of skyrocketing home prices, how it is a sellers market to benefit from, and how realtors have been selling homes faster than they can even show them. While there are multiple reasons for this, the reason most commonly agreed upon has been the impact of the pandemic.
Recently, the tone of the articles has started to shift some, as the pandemic has. Buyers are getting frustrated with overly high prices and the lack of available homes to buy. Renters, in turn, are getting frustrated with raising rent prices tied directly to the same shifting market. There are no carrion bells that indicate something drastic will happen, but there are signs appearing that markets in some locations may be slowing down.
When you start to see those indications, you’ll want to shift and adjust your advertising strategy. Hopefully, you’ve benefited greatly the last year and have the agility to keep your ads relevant and your budget focused on the areas that you see need an extra BOOST.
If you notice a slowing in one city, but another within your region is remaining hot, you could shift some of your advertising budget to more heavily promote the properties in the slower region. Don’t entirely shift away from the still-hot markets, but re-balance your ad spend to ensure the slower-market properties get more exposure to potential buyers.
If you have a price reduction in any of your markets, BOOST allows you to quickly and easily update your ad text to promote that. No need to go in and rebuild your entire campaign. With BOOST, you can simply make a quick change and let it continue running with the initial parameters you set up.
For the long-term to weather these shifting housing trends, don’t stop advertising entirely, even in the markets that slow down. With so much uncertainty still, there is a good chance the slow and hot markets could reverse again down the road, so you want to be sure you’ve set yourself up for success. By consistently promoting yourself and your properties in all the markets you serve, you’ll be able to weather the shifts in the markets as they come.