The real estate industry is constantly changing and evolving. John Hunt, founder of MarketNsight and ViaSearch, joins Atlanta Real Estate Forum Radio co-hosts Carol Morgan and Todd Schnick to share housing industry knowledge and predictions on the All About Real Estate segment.
Hunt has more than 25 years of experience conducting quantitative and qualitative research in the housing industry. According to Hunt, recently launched MarketNsight provides much more granular, fine and detailed information than other competitors with the regression model and determining the best places to build, and even not build.
As far as the Atlanta housing market, there is no need to pull back because the majority of millennials are not buying yet. Eventually, more will enter the housing market, but in smaller numbers. Additionally, the cheap lots that were readily available to buyers as a product of the downturn, are no longer available
This slow growth has prompted builders to be more innovative and rethink what attracts buyers to their product because they are leery of being too far from where residents want to be, but those distressed lots are gone and land is expensive in the right areas and development costs are up due to regulation.
According to Hunt, development is up 30 or 40 percent from the last time any development was done and resale homes are serving as a worthy competitor to new housing. Only 11 percent of people moved in the last 12 months, down from the previous 46 percent, and with a historically low inventory of resale homes available, now is the time to move.
The only answer is to innovate and accommodate the millennials by selling at a price point they can afford, otherwise they will opt for the “fixer upper” home that is in their price point.
To hear more predictions and to learn more about the housing industry in Atlanta, be sure to attend the next MarketWatch Atlanta on June 9 at the Cobb Galleria Centre where John Hunt will be speaking with Dr. Rajeev Dhawan, Director of the Georgia State University Economic Forecasting Center.
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 770-383-3360 or via the contact form on this site.
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