Earlier this month, we asked CUSTOM HOME readers whether they were feeling the effects of the housing slump and about their plans for getting through the tough times.
Nearly 81 percent responded that they are feeling the effects of the current slump in their companies’ sales numbers. When asked whether they expect business in the next six months to improve or worsen, readers were nearly evenly split: 50.9 percent expect business to get better in the next six months, while 49.1 percent believe it will get worse.
Luckily, most respondents have prepared their companies for tough times. Diversifying and expanding their range of work is the most popular strategy to get through the housing slump and make a living despite low demand for new builds. Many readers said that they are increasing their activity in home remodeling and condo renovations, taking on replacement-type work or homeowner services such as building decks and pools, and even expanding into excavation, light commercial, recreational, and government work. Other common solutions include:
Taking smaller jobs
Taking jobs outside of local/home area
Reducing overhead
Cutting staff
Increasing marketing efforts One enterprising reader has switched gears completely and is now consulting for the local superior court on plentiful construction defect cases. Unfortunately, many of the survey respondents are having to rely on past savings to get through these hard times. One even plans to retire.
