Weak Housing and Virtual Tours

An interesting article was posted on MSN.COM on 3/8/07 – “Weak housing market weighs on job growth”.

Based on my research into the Nashville metro-area, this is no new news. Realtors I have spoken with are feeling the crunch of the bloated housing market, which translates into larger inventories and slower sales.

The below references from the article highlight the ever growing need for Realtors to market their product as effectively as possible; one or two poor photos of a property posted to the local MLS or Realtor.com are not going to effectively get the job done. The argument for quality Real Estate Photography and effective virtual tours – panoramic, interactive floor plans, video, etc. – are going to be paramount in 2007.

An excerpt from the article:

“Sales of new homes plunged 17 percent in January, the latest monthly figures available. On Wednesday, D.R. Horton, the nation’s largest homebuilder, said it would take until January 2008 for the industry to work through a glut of unsold homes. Company CEO Don Tomnitz summed up the outlook by bluntly saying that 2007 “is going to suck.””

I’d be interested to hear from Realtors and Real Estate Photographers as to how this is affecting their business.

Cheers,
Jason Bennett
Nashville Virtual Tours & Photography
http://www.nashvtp.com
A www.realtourvision.com Full Service provider