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Actual - Minnesota Real Estate - The Buyer’s Market Continues!
Minnesotans can’t deny it any longer. It is a tried and true buyers market! Some homes are taking so long to sell that the elements are causing real estate signs to rust and the paint to chip of th
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
e wooden posts. There is little hope for a complete market turn around in 2007 but all is not lost. There are positive indicators on the horizon. At least there is hope for market-smart sellers who
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
properly prepare and price their home to SELL.
So what is a Buyer’s Market? For many Minnesotan’s it may be hard to remember. The Twin Cities (and greater Minnesota) now has an inventory of homes
So what is a Buyer’s Market? For many Minnesotan’s it may be hard to remember. The Twin Cities (and greater Minnesota) now has an inventory of homes
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
on the market that is expected to last 3-4 months, with no new listings. In a typical area, a buyer might have 10-20 homes that will meet their needs and price parameters. If the buyer is flexible
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
n location and amenities, they can have upwards of 50 homes to choose from. With so many options, home buyers are taking their time, becoming educated, and being very picky before making a home pur
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
hase.
There are some positive indicators out there. According to the Monthly Market Indicators from the Minneapolis Board of Realtors, the housing affordability index is very favorable with low in
There are some positive indicators out there. According to the Monthly Market Indicators from the Minneapolis Board of Realtors, the housing affordability index is very favorable with low in
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
terest rates and flat prices. The Fed stopped increasing the short-term interest rate at 5.25 percent and we are seeing 30-year mortgage rates at a very favorable 6 to 6 ? percent.
So what should
So what should
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
innesota homeowners do if they are considering selling their home?
Waiting is NOT a short-term option! It may be hard to wait out; a typical market swing can last 5-7 years. In fact, the Chief Eco
Waiting is NOT a short-term option! It may be hard to wait out; a typical market swing can last 5-7 years. In fact, the Chief Eco
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
omist David Lereah predicts “a sluggish housing market until 2008” due to a stand off between home sellers and potential buyers waiting for the market to turn in their favor.
The best advise for s
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
elling in 2007 is to become market savvy, get your home ready and bring a sharp pencil to price your home to sell!
*Get your home in tiptop shape! Fix everything! Yes, that does mean you need to p
*Get your home in tiptop shape! Fix everything! Yes, that does mean you need to p
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
t on a new roof or fix the shower and strip off the ugly wallpaper in the kitchen. Whatever needs repair or is outdated needs to be addressed BEFORE the 1st Showing. Project houses do not sell well
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
in a buyer’s market unless they are deeply discounted below appraised value.
*Work with an experienced Realtor to price your home realistically. The refinance appraisal you received last year will
*Work with an experienced Realtor to price your home realistically. The refinance appraisal you received last year will
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
not be applicable. It is best to only consider SOLD comparables from your neighborhood during the past 3-6 months. Be mindful of what is for sale down the block and compare all of the amenities. P
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
icing a little higher than the home down the block because yours is a little better has backfired for most sellers this past year. Buyers are knowledgeable and taking their time to make a decision.
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
If your home is overpriced, the buyer won’t consider it at all. In fact, Pricing to undercut the competition is one of the best strategies in this market.
*Keep in mind you do have competition for
*Keep in mind you do have competition for
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
a buyer and be aware of who that competition is. It is not just the neighbor down the block. You are also competing with builders who have taken drastic measures by giving deep discounts and gifts
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
to entice buyers to their models and spec homes. There are also many foreclosed homes that are owned by banks on the market. These homes are also priced very aggressively to generate a quick sale.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
*Consider FSBO only as a last resort. This is not a market where an MLS listing and a sign in the yard will sell your home. Work with a professional Realtor to get the most from your investment. As
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
part of their service, Realtors will outline a marketing plan including advertising and Internet promotions. But not all real estate agents are alike…Ask for specifics on how they intend to market
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
your home.
*Be Patient! Even with professional marketing, it will take time but homes do sell in Buyer’s markets. It just takes longer both in preparation and duration.
Copyright 2007 Teri Eckhol
*Be Patient! Even with professional marketing, it will take time but homes do sell in Buyer’s markets. It just takes longer both in preparation and duration.
Copyright 2007 Teri Eckhol
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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