Owners Should Take Advantage of A Buyer’s Market
These are difficult economic times. People are losing their jobs, consumer spending is down, banks are sitting on what money they have and private companies are standing pat. No one knows that better than the construction industry, whose market that was booming a year ago has gone bust. Yes, things are bad. We all know that. But there still is money out there. Despite the near-hysterical headlines, there now are water-cooler conversations about how, if you need something new, now is the time to buy. Stores are desperate to move product and are marking down prices to lure customers. The same can be said for construction. As one construction executive admitted, “If you need something built, now is the time to build.”
First of all, materials prices have plummeted. The price of oil has dropped nearly two-thirds from over $140/bbl in July 2008 to under $50/bbl at the start of 2009. And few materials are in short supply.