Although steadily rising global temperatures and their effects are increasingly hard to ignore, Burt believes they're not yet factored into property values.
Flood insurance costs will skyrocket since they're severely underpriced to climate risk, his research indicates.
Related stories"I think that there's a lot of pent-up supply from folks, particularly who are being exposed to these ownership cost increases away from mortgage rates," Burt said.
They'll then be prepared to either bear the burden of higher insurance costs, or sell.
AdvertisementUnlike Ivy Zelman, who's another analyst with a knack for spying issues in the housing market, Burt doesn't think the Midwest is the best region for beach-dwellers to flee to.
Persons:
David Burt, who's, Burt, they're, Ivy Zelman, Burt doesn't
Organizations:
Service, Business
Locations:
Georgia, Florida, New York