Use new data to update local housing stories

Photo by Flickr user Jamie Cox

Lots of housing-related economic data will be freshened this week, giving you a few news pegs for another story about the home buying and selling markets in your region.

On Wednesday, the Mortgage Bankers Association updates the applications data.  On Thursday, the National Association of Realtors reports March existing home sales, and on Friday the Census Bureau releases its March tally of new home sales. Check out this Census Bureau page for links to a variety of housing-related reports, including niche areas like manufactured homes and the characteristics of new housing.

Also keep in mind the expiration of the first-time home buyer’s credit at the end of this month, which may spur some last-minute decisions as buyers seek to reap thousands of dollars in tax credits.  Contracts must be signed by the end of April, but closings can take place through June – and purchasers can amend 2009 tax returns to capture the credit, so don’t forget to check with CPAs and tax preparers for leads on this angle.

My recent blog posts on the topic of residential real estate include numerous suggestions for business features that focus on sellers, agents, even mapping activity in a chosen neighborhood or street.

Those stories – anything having to do with prices, home values or sales activity, are always of interest to readers.

Another way to approach the perennial topic is through the eyes of builders, workers and suppliers to the housing market.  Obviously this skews heavily toward a new-construction piece but don’t overlook the remodeling angle; many desperate sellers are sprucing up outdated kitchens and bathrooms in an effort to be competitive.  Talk with contractors, tradespersons and big-box home retailers about activity on that front.

The Los Angeles Times ran a weekend piece about incentives builders are expected to offer this season to keep home-sales momentum going, such as free options and upgrades or even help with closing costs.

Readers would devour a localized version of this story whether or not they are in the market for a new house – everyone likes to read about bargains, discounts and special deals.

Check with builders, real estate agents and mortgage lenders to isolate incentive trends in your region.

Be sure to scope Craigslist and the classifieds to see what DIY sellers are doing, as well.  Those attempting the for-sale-by-owner route may be willing to offer painting or landscaping allowances, or let custom furnishings stay with the property, or otherwise smooth the path for any prospective buyers.

Check with trade unions – electricians, plumbers – in your area to get a feel for employment activity.  Some temporary staffing firms specialize in the construction trades and/or unskilled day labor; see what sort of demand they’re hearing from clients.

One ambitious project you may wish to tackle, or redesign to a scale you can manage, is to document the economic ripple effect of just one new house built in your area.  If you can get a general contractor to cooperate, tally the raw materials purchases, the wages paid, utilities used, permit fees – every dollar that goes into and emerges from the construction of one new dwelling.  Get help creating your methodology from construction specialists or the economists at a large home builder.  Turn the package into a large infographic or a standing feature on your Web site, following the house through stages of construction.