To Buy or to Build? Despite Pandemic, Luxury Homes Are in Demand

Aerial view of NJ custom built shore home

Despite the pandemic that’s underway, the real estate marketing is on fire – and that includes high-end, high-ticket homes.

Earlier this year, there were industry-wide concerns about how COVID might delay home-building projects or stop them altogether. Uncertain about how the economy would respond, some builders put projects on hold, even though forecasting reports called for a great year across the industry. Meanwhile, Monetti Custom Homes continued building luxury homes along the New Jersey coastline with the strength and determination to meet their clients’ needs.

As it turns out, the pandemic presented a unique opportunity for both homeowners and builders alike – to own or build new and restored homes in the breathtaking suburbs of major coastal cities.

So, what’s the biggest perk of building a custom home in the midst of a real estate boom? Avoiding a home-buying bidding war and the disappointment that comes from losing the first, second, and third house you place an offer on.

In light of increased buyer demand and low mortgage rates, bidding wars are becoming the new normal for homeowners looking to relocate all across the country. Even luxury buyers with a reliable lender may find themselves competing for their choice home, especially when it’s in a reputable neighborhood with stunning views. Why? The influx of newcomers looking to buy a prestigious home in the same area has increased the overall median price of properties and decreased the number of worthy contenders on the market.

While a new home build or renovation may take longer than you’d like, you’ll also save yourself time trying to find the perfect home in the perfect neighborhood – you just need to secure the land. And on top of avoiding the lengthy process of continual bidding wars, you’ll make the decision knowing you’re going to get exactly what you want out of it.

Not to mention, there’s never been a better time to do your research and due diligence online. With so many premium homes coming on and off the market, it’s an ideal time to start making a checklist of “must-haves” for your own dream home. Plus, rather than making a purchase “sight unseen” or based solely on pictures from the internet – like many homeowners are doing because of proximity or social distancing restrictions – you can work with a custom home builder to create a blueprint of your own design.

Most adults know that living in a major metro area and being in the center of the action is costly. What was unexpected is how home prices are rising in more low-key areas that offer a less dense population in response to out-of-town buyers. On top of that, COVID has left more people working from home for the indefinite future, allowing them to be a lot more flexible in terms of location. So, if you’re a local and you’ve been going back and forth between buying and building, you’ll have to keep in mind that the competition is getting fiercer.

Transitioning into a new home is a life-changing decision, so you should never rush into it and end up settling for less than you deserve. Even if you’re able to get into an “as-is” home sooner, you’ll end up paying more than you expected and you won’t get the level of quality you’re looking for.

Your home is your sanctuary – don’t let go of the things that make you who you are and ultimately bring you the comfort and peace of mind you need to stay grounded in these uncertain times. You could pay at or above asking price for a home that meets your immediate needs, or make the investment in a home that you’ll cherish for generations to come.

Ready to start planning your waterfront wonder?

Monetti Custom Homes specializes in custom home design, custom home construction, and custom home renovation along the beautiful New Jersey coastline. For more information, contact us here. Please call to speak to a specialist at 732.223.7949

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