On this week’s All About Real Estate edition of the Atlanta Real Estate Forum Radio show, John Hunt, principle of MarketNsight and ViaSearch, joins the show to share insight on the future of the building industry.
Hunt explained to co-hosts Carol Morgan and Todd Schnick that the real estate market has certainly changed and improved within the last five years.
“A large part of this is demographics,” said Hunt. “If you go back 10, 15, 20 years ago, the number one purchaser of new homes, and homes in general, were first-time homebuyers, what we now call millennials – that’s not the case now.”
Hunt predicts that student debt and lack of savings are going to keep millennials renting and taking longer to “slowly trickle” into the buyer’s market.
According to Hunt, another issue arising within the building industry, once the “legacy lots” that were foreclosed on during the recession were sold, builders started to experience a massive surge on land prices and have now begun to build further out and expand from previously popular areas.
When asked on what Hunt noticed was missing from the market, he advocated that the number one under-supplied community is the 55+ niche. Active adult living will become a huge necessity in the coming years. Many adults now eligible to live in such communities, opt not to based on the simple fact that they are not available in their prime area.
Atlanta Real Estate Forum Radio’s “All About Real Estate” segment airs on Fridays and highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact mRELEVANCE at 770-383-3360 or via the contact form on this site.
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