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Local Real Estate Inventory at All-Time Low - November Update

The current available housing inventory in Douglas County shrunk again to another all-time low. Here is the latest market update for Douglas County. October Residential Highlights: New listings (187) increased 20.6% from the 155 listed in October 2019, and increased 8.7% from the 172 listed in September 2020. Pending sales (193) increased 26.1% from the 153 offers accepted in October 2019, and increased 9.0% from the 177 offers accepted in September 2020. Closed sales (187) increased 38.5% from the 135 closings in October 2019, and increased 11.3% from the 168 closings in September 2020. Inventory and Time on Market: Inventory decreased to 1.3 months in October, the lowest on RMLS™ record. Total market time held steady at 63 days. Year to Date Summary: Comparing the first ten months of 2020 to the same period in 2019, new listings (1,850) decreased 6.9%, pending sales (1,682) increased 10.4%, and closed sales (1,515) increased 6.9%. Average and Median Sales Prices: Comparing 2020 to 2019 through October, the average sale price has increased 9.5% from $244,600 to $267,800. In the same comparison, the median sale price has increased by 8.9% from $225,000 to $245,000. We asked Tracy Grubbs from the G Team brokered by eXp Realty, LLC. for some tips on people looking to buy land and build a home in a housing market with very little inventory. 5 Tips For Buying Land and Building 1. Enlist the help of an experienced Real Estate Agent - An agent can help you track down the perfect piece of land, while also knowing exactly what you'll need to accommodate the home you plan to build. 2. Check into loan options - get pre-approved - Banks see land loans as riskier than home mortgages, so you'll typically find they're tough to get on their own. However, if you're planning to build a home within a short timeframe of the purchase, you'll find it easier. In the buying land and building and building a house process, it's important to understand your options. 3. Research the property - As with a home purchase, it's important to make sure you understand the property you are buying. Make sure the land is free of all liens. Check on zoning requirements and permissions, as well as flood plain maps and utility availability. Have your builder look at the land with you. 4. Choose the right builder - When you're having a house built on property you've purchased, part of your checklist should be to track down the right builder. You can get some great ideas by looking into other builders who have constructed houses like the ones in your area, or from your agent. 5. Leave room in your budget - Budgets are a very important part of the buying land and building a house process. You likely have a price range in mind, but there will be unexpected costs along the way. You can find additional information on the G Team brokered by eXp Realty, LLC. website: https://www.gteamgoahead.com/