MITCHELL — Jensen Design Build is set to host the inaugural Homebuyers University on Tuesday, Oct. 1, at Bradley's Pub and Grille in Mitchell. This educational event aims to demystify the complex process of home buying, offering a comprehensive overview for prospective buyers and builders.
The free, two-hour session will equip attendees with essential knowledge about the local real estate market and the intricacies of purchasing a home.
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Jeremy Jensen, founder of Jensen Design Build, explained the motivation behind the event.
"We get asked some of the same questions on a daily basis by customers. We came up with Homebuyers University as a way to educate future potential homebuyers on what to expect throughout the home building process," Jensen said.
The event is designed for anyone interested in homeownership, whether they are first-time buyers or those considering custom-built homes.
The curriculum will cover various aspects of the homebuying journey. Attendees will gain insights into financing options, including understanding different mortgage types and programs available for various buyer situations. They will also learn about the step-by-step building procedure, providing a detailed look at what to expect during construction. Lot selection strategies will be discussed, helping participants choose the right location and land for their new home. Budgeting techniques will be covered to assist attendees in effectively managing their finances throughout the buying process.
Additionally, there will be discussions on the pros and cons of model/spec homes versus custom-built residences, giving insights into ready-to-move-in homes compared to personalized builds tailored to individual preferences.
A key speaker at the event will be Cory Marek from Plains Commerce Bank, who will discuss financing options tailored for different buyer needs. He will highlight programs specifically designed for first-time homebuyers and veterans through Veterans Administration loans. Jensen noted that his business is one of only a few VA approved builders in the state.
The timing of this event is particularly significant given the current housing market dynamics.
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According to data from Zillow, the median home listing price in South Dakota has increased by approximately 26%, adjusted for inflation, from the second quarter of 2020 to the first quarter of 2024. This translates to an increase of about $75,000, with prices peaking at around $375,000 in February 2023. Despite these increases, Jensen believes that housing in South Dakota remains relatively affordable compared to national trends. The typical home price in the state is $308,851 — 15% lower than the U.S. average — which could be appealing for potential buyers looking for value.
Jensen feels the housing industry in South Dakota has always been strong.
"I've always been happy with the amount of building that's been happening in South Dakota and in the area," he said.
Jensen acknowledges that the housing industry has faced some negative publicity in recent years, but attributes this to changing perceptions rather than a fundamental lack of affordability.
"Housing is affordable. It always has been affordable. But the perception of what I can afford is what has changed," Jensen explained.
Jensen believes that as prices and rates have increased, many people have had to reassess their needs and wants when it comes to housing.
Recent trends suggest a potential stabilization in the housing market. Mortgage rates have declined from last year's high of 7.79% to an average of about 6.22% for a 30-year fixed loan.
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Jensen notes this shift has renewed interest among prospective buyers, and many individuals who previously delayed their home-buying decisions are now exploring their options again.
"Those who hesitated over the past few months are now reaching out to us," Jensen said.
While the event is primarily focused on new construction home buyers, Jensen encourages all potential homebuyers to attend, regardless of their current stage in the home-buying process. The event will feature a roundtable format designed to foster interactive discussions among attendees.
"This is an inclusive event designed for everyone, from entry-level buyers to those looking at custom homes," Jensen said. "The Homebuyers University is an opportunity to learn, ask questions, and connect with industry professionals who can guide you."
Jensen Design Build's commitment extends beyond Mitchell to surrounding rural communities, including Corsica, Gregory, Parkston, Chamberlain, Huron and Howard. The company collaborates with local development groups to ensure access to affordable housing options in these areas.
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By bringing new housing developments to smaller towns, they aim to make homeownership more attainable for residents outside urban centers.
"We want to help communities grow by providing quality housing that meets the needs of local residents," Jensen said.
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He noted that their efforts are focused on understanding the unique challenges faced by these smaller towns and tailoring solutions that fit their specific circumstances.
For more information or to RSVP, interested parties can visit Jensen Design Build's website or contact their office at 605-216-8985.
By Jennifer Leither
Jennifer Leither joined the Mitchell Republic in April 2024. She was raised in Sioux Falls, S.D. where she attended Lincoln High School. She continued her education at South Dakota State University, graduating in December 2000 with a bachelor's degree in Journalism. During her time in college, Leither worked as a reporter for the campus newpaper, The Collegian. She also interned for Anderson Publications in Canistota, SD the summer of 2000. Upon graduation, Leither continued to reside in the Sioux Falls area and worked as a freelance writer for the Argus Leader for a number of years.
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