The residential real estate market is booming for myriad reasons these days, as the world navigates a global health crisis and economies, industries and communities rebound. Home buyers and sellers are once again creating an active seller’s market as of this writing, and nowhere is that more pronounced than in the luxury home and estate sector.
These buyers have the capital to pursue dream homes or retirement enclaves. And common sense says buying a resale home that fits your wish list is the quickest route from a timing perspective.
Might want to rethink that strategy.
The current seller’s market means many resale and move-in-ready homes in all price points are in demand, and those tend to get snapped up pretty quickly these days — especially in the luxury custom category. Unless you mimic the Roadrunner cartoon character and make a competitive offer before anyone else — often a recipe for frustration.
But there’s a better method than racing to win what can feel like an unintentional auction. Here’s why building your new custom luxury home beats buying one, especially in a seller’s market.
What a seller’s market is and why resale inventory is low
Although it might not seem so unless you’re involved with a transaction, or moving for job, family, retirement or personal reasons, the real estate market percolates year-round in the United States, usually peaking in the spring and summer.
This didn’t happen earlier in 2020, when quarantine periods slowed home buying and selling. Now that states and cities are re-opening, all that pent-up real estate demand has been released.
Folks who intended to move before quarantine, now can. And many who hadn’t planned to move pre-quarantine, have decided to do just that.
Thus, inventory homes are selling like hotcakes, creating what we know as a “seller’s market.” Home owners listing their homes on the market know that demand is high, and they may even be able to get above asking price for their home. In a buyer’s market, a seller may have a harder time selling their home and would be more likely to accept a lower offer.
For local real estate pros, the trend is most evident by buyers who hail from large, densely populated metro areas well north of Florida, particularly the northeast and New England. These customers are seeking less crowded surroundings, better weather, Florida’s lack of state taxes and plentiful outdoor recreation options.
They no longer want to live in big cities and pay premium prices for minimum square footage.
Why you should build your new custom luxury home
You get exactly what you want! And you don’t have to play Roadrunner every time a resale alert pings your inbox.
Instead, find the perfect homesite in one of our ICI Homes communities, then work with our sales associates and designers to find the floor plan right for you and your household. This also gives you time to plan your move, sell your existing property and schedule all those moving-related activities that must be accomplished.
Better yet, ICI Homes’ custom division will work with you to tweak one of our top luxury floor plans, design a new plan or build on your lot. We’ve been doing this for four decades and customization is one of our pillars. We mean it when we say, “We move walls!”
Ready for your new custom Florida home? Talk to ICI Homes here.