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Builders in Kansas City Bust Housing Myths in the News Media
In a housing market that has been down but clearly not out, prospective home buyers in Kansas City earlier this month found in-depth reporting in their local newspaper of real estate experts suggesting that now is an opportune time to find out what the market has to offer.
Behind the scenes, local home builders had a hand in the news story, which provides extensive information on the dynamics of the local market and helps dispel the public perception of doom and gloom that has been conveyed by national media reports of conditions that don’t pertain to Kansas City.
“This much is certain: It’s a buyers’ market,” wrote The Kansas City Star's business editor, Chris Lester, in his introduction to a transcript of the panel discussion. “But the panelists also took pains to delineate differences between the local market and the woes of California and Florida markets that dominate national headlines. Moreover, they see signs that the current buyers’ edge in Kansas City could be a memory within a year.”
The idea for the story, which appeared on the front page of the newspaper’s business section on March 9 and 11, started with media coverage of the annual housing forecast conference by the Home Builders Association of Greater Kansas City in January.
Following the forecast, Lester “approached us about putting together a roundtable of housing experts to discuss the market and where we are headed,” said Matt Derrick, the association's staff vice president of public affairs.
“The roundtable eventually consisted of seven industry professionals, including five HBA members and staff provided by the association, along with the CEO of the local Realtors® association and a local mortgage lender,” Derrick said.
Coverage of the panelists in the Star makes it clear that the Kansas City market has not hit the cyclical highs and lows experienced by some of the markets that have been making headlines in the national news. The market’s inventories of unsold homes also appear to be dropping fairly quickly, and with new construction significantly slower than it was a few years ago, panelists warned prospective buyers who are trying to time the market and make their move when prices are at their absolute bottom that the selection of homes available today might not be available for much longer.
“Because we’ve cut production (of new homes) so drastically the last few years, once the inventory moves, there’s not going to be a lot behind it….Once we hit the bottom (and) stuff starts clearing out, there’s not a lot left behind that’s going to be for sale,” said Tim Underwood, executive vice president of the HBA.
“The reaction to the articles has been overwhelmingly positive from our membership,” said Derrick. “The feedback from members has reflected their appreciation that the panel discussion supported the ‘buy now’ message and that we were able to have the Star run a story focusing solely on the local market and explaining why Kansas City is faring much better than the national average.”
The HBA has been using the forecasts and other resources from NAHB — available to members and affiliated associations in the Myth Buster section on nahb.org — to highlight the relative health of the Kansas City housing market and promote a ‘buy now’ message in a media campaign launched last summer.
“You can help reporters understand that all markets are local, and encourage a shell-shocked public back into the housing market,” according to NAHB. “Through a concerted effort to provide the media and the public with verifiable and relevant housing market statistics and information, it is possible to change attitudes and behaviors.”
The continuously-updated materials in the Myth Buster section contain housing market data and information to help members and HBAs provide accurate information and combat misleading media reports that often don’t reflect local market conditions. They include housing forecasts for the nation’s top 100 markets, background information on reports frequently cited by the media, questions and answers on housing myths and consumer concerns and consumer-targeted television spots, print ads and handouts that can be customized for a local audience.
For more information, e-mail Gwyn Donohue at NAHB, or call her at 800-368-5242 x8447.
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