Sales of luxury home sales rose 41.5% in the third quarter of 2020, according to a new report from Redfin – compared to only 3% for medium-priced homes. A luxury home is considered one that is valued within the top 10% of properties on the local market. Luxury homes tend to be considerable in size, constructed and finished with high-end materials, and designed with uncommon architectural details and exceptional amenities.
The report also notes that “the luxury housing market normally takes a hit during recessions as wealthy Americans tighten their purse strings.”
But this isn’t a normal recession.
We feel there are several factors that may make this a great time to think about a custom-built luxury home: record-low mortgage rates and a strong stock prices, combined with the stay-home culture caused by the pandemic, are allowing America’s more affluent families to take a step up with their housing choices.
The next year might present once-in-a-lifetime opportunities to build. The good news for prospective homebuyers with stable income and cash on hand is that real estate is the best route to take, if you are smart about your finances.
If you have the flexibility to think about a custom home during this (yes, we’ll say it) unprecedented time, we’d love to talk with you.
Your Friends at Crystal Creek Builders
You deserve a Crystal Creek home.
Adapted from an article appearing on HousingWire.com