Every week, we ask a real estate professional for their thoughts on the top trends in real estate.
This week, we talked with Mitchell A. Prusin, a Realtor with Keller Williams Buckhead. Mitchell has been involved in real estate since 2002. Previously to joining Keller Williams, Mitchell was head of sales for an Atlanta-based real estate investment company. He has served for several years as a mortgage loan originator.
Atlanta Agent (AA): We keep reporting on high levels of new construction in Metro Atlanta. From what you’ve observed, where is construction activity particularly strong?
Mitchell Prusin (MP): In Midtown! The other day I was showing a place at the Metropolis, a large condominium in Midtown. We were on the 19th floor, and as I was standing on the balcony, I saw 18 cranes for new construction. Wow! I cannot believe all of the construction going on.
AA: Home sales were up nearly 5 percent through Metro Atlanta in 2015. How were sales in your markets?
MP: I work mostly Intown, and sales were very strong. For a lot of listings, if it is in the right area and priced right, you might get multiple offers in the first week.
AA: Finally, we often hear about Millennial consumers and their tentative steps towards homebuying; tell us about your Millennial clients, and what drives them to own?
MP: I think their main motivation is that when they own, their overall monthly payment can be significantly less than their current rent – even with the condo HOAs. Also, many Millennials tend to be status conscious and want to live in the “new cool” buildings and neighborhoods. If they are driven, they will buy, but many are still so scared of buying a place and the commitment that comes with it.