What's Happening in the Custom Building Market Today? (And How to Capture Clients)
In this episode of Taking Care of Business, host Duane Johns interviews Grant Farnsworth, president of the Farnsworth Group, a home improvement market research firm (https://www.thefarnsworthgroup.com/). Johns and Farnsworth discuss current trends in the home building industry, focusing on changing client behaviors, market challenges, and strategies for custom builders to adapt to evolving consumer needs. Farnsworth shares insights on market dynamics, affordability issues, and the impact of generational shifts on home buying patterns.
Timestamps:
0:00 - Introduction and background of Grant Farnsworth
3:42 - Impact of COVID-19 and demographic shifts on the industry
5:48 - Discussion on housing supply and demand challenges
8:04 - Analysis of home equity and its effect on the market
10:34 - Changing perceptions of Millennial homebuyers
13:51 - The importance of online research for homebuyers
16:19 - Evolving client behaviors and budget sensitivity
21:22 - Post-COVID shift in homeowner perspectives
24:58 - Communication challenges between contractors and homeowners
27:33 - Preparing for future client behaviors and demographics
30:50 - Adapting to different communication preferences across generations
32:25 - Industry outlook for the next 6-12 months
34:29 - The return of competition in the market
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