Posted by: Todd Long | November 22, 2008

DEI and other Nascar team cuts will affect our local Real Estate Inventory

DEI layed off a ton of people this past week including a good friend of mine.  I had another friend at Petty Enterprises call me earlier in the week to walk through a couple of “what if” scenarios concerning the home he just bought a few months ago.  Luckily at this time he has been spared but I can see how the wide spread layoffs at Wood Brother and other area teams may put more inventory on the market than we have now.  It has been my experience that many Nascar team member move around this time of year in the past.  The difference this year is teams are contracting and will not be supporting as mean cars next year. 

A lot of the team employees have relocated to this area from other parts of the country to follow their dream in racing.  If they can’t race they likely will move back home.  That certainly is the plan for my friend at Petty Enterprises if indeed he gets laid off and can not find another job.  This could lead to a much higher inventory of homes on the market and push us further into a buyer’s market in the short term.

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