Real Estate and the Thin Market
We are in the process of selling our home and buying another. This whole experience reminded me of the "thin market" phenomenon.
The real estate market is a thin market. So, too, is the car market. The conditions that lead to us wanting to buy (or sell) a house (or a car, for that matter) do not happen very frequently. For us, it seems like about once every 5 years or so. But when we are in the market, we are IN the market.
By contrast, the market for restaurant meals, or groceries ... or even clothing is a broad market. One might say "a thick market." The conditions at which my level of desire and my interest level are right for me to buy these types of items--such as food and clothing--occur fairly often.
Want proof of the thin market phenomenon? I can go for years without ever looking at the real estate circulars or tabloids. I rarely look at the real estate or open house section in the newspaper. I do not visit real estate Web sites very often. No, I don't do any of these things regularly EXCEPT when I am in the market. These past several weeks, however, it seems that we are on the real estate Web sites every day, just hoping to find that perfect "new listing." I get excited when the new Kanawha Valley Real Estate Guide (a local real estate tabloid) comes out every other week. Lately, it seems that we are sprinting out to the driveway to get the Sunday paper, rip it open and find the week's open house listing.
Kudos to those marketing geniuses who understand thin market dynamics and how to capitalize upon them! Oh ... by the way, do you want to buy a house? It's a nice, two-story brick home on a cul-de-sac. And did I mention that Jennifer Garner grew up in the house that I presently own?