Tight Times?

Thinking about the current economy and the slow residential market reminds me of a book I read as a kid. It was called Tight Times and, if I remember correctly, it was about a little boy whose father lost his job. The parents explain to their son that he can’t have a dog, extra toys, etc. because currently they are living through “tight times.” Now, I don’t remember any other details, but I’m sure it had some kind of a happy ending (after all, it is a book for children). I can’t help but think though, that there’s got to be a lot of people out there having similar conversations with their own kids.

We all know it, the housing market isn’t so hot these days. When will it pick back up? Sooner rather than later we all hope. According to the U.S. Census Bureau and U.S. Department of Housing and Urban Development, privately owned housing starts in February were 28.4 percent (+/-8.3 percent) below the rate of February 2007. In addition to that the National Association of Home Builders says the sale of single family homes in February was nearly 30 percent below last year and down 58 percent from the peak in July 2005 (and don’t we all remember what THAT was like!).

But I am not here to be the bearer of bad news. I’m here to say it is absolutely possible to make a profit in a down market. You just have to look for the opportunities. Maybe it means going after a new market or focusing your efforts into another business segment. Either way it is possible. In fact, I talked to several people this week who all told me that while yes, they have been affected by the slow market, they have been able to find alternatives … think value-added opportunities.

Consider the remodeling industry. It may still not be a market bursting with business, but it has seen a much smaller decline than new construction. And, there are lots of opportunities for glass—energy-efficient windows, a new shower enclosure, maybe even a new bathroom mirror or two. I’m sure there are also lots of unconventional ways of using glass; it just takes a little creativity. What do you think? You can share your ideas for keeping busy in a down market by posting a comment or sending me an email.