In the hallway. A personal take.

The founder and executive chairman of one of the nation's most dynamic, privately held regional homebuilding operations stepped back—if not entirely—five years ago, handing the reins to his son. The timing made the son look smart and wise, as pandemic-era demand supercharged the team's annual growth and profitability beyond anything the patriarch father had seen in three decades of boom-and-bust cycles.

But suddenly, things feel different. Demand—once a roaring tailwind—feels harder to reel in. The younger builder, who had known only momentum, now faces headwinds his father had battled through for years.

I was at work late one evening, after almost everybody had left, and I saw my son, alone in his office, nearly tearing his hair out with stress and frustration," the executive told me this week when we crossed paths at IBS. "I told him, ‘It's going to be okay. We find a way. We prepare to do what we need to do to navigate harder times. Cut expenses, walk away from some projects, get rid of as much debt as we can—anything so we can hold on to as many of our team members as possible. You'll get through this. We will.’ But it’s hard to watch him weathering this level of uncertainty for the first time. He’s really taking the stress hard.”

IBS 2025: Presence as a Stand Against Uncertainty

That level of uncertainty—almost paralyzing in its scope—was thick in the air at IBS 2025. More than 81,000 homebuilding and real estate professionals gathered in Las Vegas this past week. And if nothing else, their sheer presence was a message. In a moment where no one has the answers, where the market is a tangle of contradictions, they showed up.

The numbers behind the show tell part of the story:

• The biggest IBS in 17 years.
• 1,800 exhibitors showcasing products, technology, and solutions.
• More than 120 educational sessions focused on AI, construction resilience, and market shifts.
• Thousands of small conversations that matter more than any headline.

And yet, behind the trade show booths, the demos, and the networking events, a persistent undercurrent of worry ran through the hallways.

"What’s happening out there?"
"What are you hearing?"
"What are you seeing in your markets?"

Builders, developers, manufacturers, and investors weren’t just swapping business cards. They were searching for a read on the future. That's what they do.

The Two Kinds of Problems That Bring Builders to IBS

Every year, builders arrive at IBS motivated by one of two contrasting sets of challenges:

1. The kind they like to have: Managing rapid growth, keeping up with demand, optimizing supply chains, and staying ahead of competitors.
2. The kind they don’t want to have: Softening demand, rising cancellations, too much standing inventory, and fears that the value of their land holdings may be at risk.

When conditions are strong, the industry’s worries revolve around making the most of the opportunity—how to scale up without making costly mistakes. When conditions tighten, the concerns shift to survival—how to cut risk without losing the ability to seize the next wave of demand when it comes.

This year, the split-screen of 2025 is particularly stark. Some builders see expansion opportunities; others are bracing for a tougher road ahead.

The Uncertainty Virus

The CEO of one of the nation’s top 10 fastest-growing privately held multiregional homebuilding enterprises summed up the mood:

I don’t like how the chatter starts to make me concerned about buyer sentiment. Hopefully, it’s just the constant roller coaster we’ve been on the last couple of years. But what I’m hearing, really on the ground, is tariff job insecurity, lost sales, cancellations from buyers being forced to return to in-office jobs, and overall hesitation. Uncertainty is the antithesis of, ‘I’m going to go spend half a million dollars on a house.’"

His words capture the heart of the matter: Uncertainty spreads like a virus. The moment a few builders start worrying about demand softening, it ripples through the ecosystem. Buyers hesitate. Sales slow. The cycle feeds itself.

And yet, the homebuilders who gathered at IBS weren’t there to wring their hands. They were there to work. To listen. To learn. To share. To keep moving forward.

What Homebuilders Are Grappling With

The backdrop of IBS 2025 isn’t just the slowing sales in February. It’s the mounting pile of strategic questions every operator—whether public or private—has to answer:

• When does demand improve? Interest rate cuts could reignite buying activity in the second half of 2025, but will they?
• Which markets are at risk? Some metros are already seeing price declines as affordability pressures push buyers out.
• How do we balance incentives and profitability? Cutting prices to move inventory is an option, but at what cost to margin?
• What’s the outlook for land investment? Some builders are tightening up, while others are betting on the next growth cycle.

This is the reality homebuilders are navigating. It’s not a single-track market. It’s a split-screen economy where some companies are tightening their belts, while others are pressing forward.

A Personal Note of Passion

I love this business. I love the people who make it what it is.

The builders, developers, planners, trades, and investors who came to IBS didn’t come looking for easy answers. They came because they know the problems they face aren’t simple. They came because they’ve done what this industry has always done — find a way forward.

Despite recessions, policy upheavals, labor shortages, and supply chain nightmares, homebuilders have never stopped working to create new neighborhoods and homes for people who need them.

They show up. They listen. They learn. They adapt.

And in doing so, they remind us all: Presence is resilience.