Greenery: New Growth for Real Estate Business
- posted 3.3.2017
- Nicole Johnson
- Real Estate Business
For 2017, the Pantone Color of the Year is “Greenery.” The company chooses its annual shade of distinction based on cultural trends, and it singled out "new growth" as this year's key theme.
For its part, Greenery is an exceptionally optimistic shade and seems appropriate as we look forward to spring, the season of new growth. It also reflects the continuing trend for growth in residential home values in many markets, though that growth may occur at a relatively slower pace than last year’s. After all, existing home sales in 2016 were the best in a decade.
What Homeowners Have Been Waiting For
The recovery in home values to prerecession levels in more of the country during the past year also bodes well for your business. It could remove what may have been a key hurdle to selling for many homeowners: listing at a price below the high point they associate with the true value of their homes.
Potential sellers would also be entering the housing market at a time when inventory remains tight. In December, homes typically averaged 52 days on the market, with 37 percent selling in less than a month.
According to the December Home Survey by the National Association of REALTORS®, a growing number of potential buyers say they, too, consider this year to be a good one for making their next move. This realization may owe something to current rent-to-own comparisons in many areas, strongly favoring ownership.
A Good Time to Begin Spring Marketing
With home values near their former peaks, interest rates still historically low, inventory tight, and the number of Millennial buyers starting to expand, it’s a good time to reach out to sellers. After all, they may not have looked at area home values recently or may think they’d be better off waiting until late-Spring to list.
When you do, you may want to incorporate a bit of Pantone’s Greenery in your mailing. It could help reinforce the notion that not only has the market for homes in your area recovered, it may also be time to initiate a new beginning.