Carbon Monoxide Detectors

On March 10, 2010, Governor Doyle signed into law Senate Bill 415, legislation that

requires ALL homes to have carbon monoxide detectors beginning on February 1,

2011. This new law expands the current carbon monoxide detector requirements to all

one and two family homes and parallels requirements for smoke alarms for ease of

installation. Specifically, this new law will require carbon monoxide alarms to be

installed in the basement of the dwelling and on each floor level except the attic or

storage area of both newly constructed and existing homes. For new construction, the

alarms must be hard-wired in order to be current with national model safety codes. For

existing homes the alarms can be battery operated and can be multipurpose (both smoke

and carbon monoxide). Dwellings with no attached garages, no fireplaces and no fuel

burning appliances are exempted from this requirement.

Also, beginning April 1, 2010, all existing multifamily units are required to have carbon

monoxide detectors. Plug-in alarms are acceptable to comply with this new law in

existing multifamily units.

Where to Place the Detectors

It is important to properly place the smoke detectors in the home. In most locations

throughout the U.S., smoke detectors are required in all new homes. The number and

location are listed below:

Number and Location Requirements

The minimum standard as stated in the National Fire Prevention Association's National

Fire Alarm Code (NFPA 72): There should be a smoke detector on every level of the

house, including the basement and outside every bedroom.

New homes require hard-wired alarms to be interconnected so that if one alarm is

activated, all alarms will sound the alarm signal. New homes require smoke detectors in

every bedroom. On floors without bedrooms smoke alarms should be installed in or near

living areas, such as family rooms and living rooms.

Placement Requirements

As stated by the NFPA: "Since smoke and deadly gases rise, alarms should be placed

on the ceiling at least 4 inches from the nearest wall, or high on a wall, 4-12 inches

from the ceiling. This 4-inch minimum is important to keep alarms out of possible

"dead air" spaces, because hot air is turbulent and may bounce so much it misses

spots near a surface. Installing alarms near a window, door or fireplace is not

recommended because drafts could detour smoke away from the unit. In rooms where

the ceiling has an extremely high point, such as in vaulted ceilings, mount the alarm at

or near the ceiling's highest point."

Additional Guidelines for Installation

If you sleep with your bedroom doors closed, it is recommended that a smoke detector

be installed inside each bedroom. Alarms should also be installed in other areas of

your home where people sleep.

Wired systems should not be connected to a circuit that could be turned off with a wall

switch.

Plug-in systems should have a restraining device at the outlet to prevent the plug from

accidentally coming loose.

Hard-wired systems should be installed by a qualified electrician.

Do not install the smoke detector near windows, doors or forced-air registers where air

flow would interfere with the operation of the detector.

Green Spring Cleaning

With spring just around the corner it is time to get the house spiffed up and all the winter grime wiped away. Here are some tips on cleaning your house the Green Way....

Green Cleaning with a Lemon

What does Weather have to do with Real Estate?

Last year we had one of the warmest springs on record including one of the earliest recorded "ice outs" ever! So what does that have to do with selling real estate? We think it can be significant. Have you ever considered going shopping or out for lunch and then you realize it is bone-chilling-cold. Bingo, change in plans and you find yourself ordering food in and surfing the web or eating from a fast food joint that has a drive thru so you don't have to get out of the car. 

Buyers tend to think the same way when it comes to looking at property. Unless they absolutely have money burning a hole in their pocket they tend to surf the Internet until temperatures heat up. Once the snow melts and the ice is out we find buyers coming out of the wood work like Asian beetles on warm spring days. Our phone starts to ring and Amber has little time to do much else other than answer and direct buyers and sellers to our great agents.

So if you are a buyer, beat the rush give us a call and start looking at property while it is still relatively calm and there is a good inventory of property available. If you are a seller hold tight, it will happen. I suggest to sellers that they take their patience pills. You can rest assured knowing that when you are listed with a Woodland Agent your property is marketed extensively on the Internet and in local print media! If a buyer wants to virtually browse they will find your property through one of our vast web connections.
The weather for March 2013 looks to be cold and brisk, but by April we should start to see things thaw.

Life is a Gift...Live it! 
Amanda Mavis

2012 Housing Results

Sawyer County home sales rebounded back up to 2008 levels with 324 homes sold in 2012 as compared to 262 homes in 2011. The downside is that the median price fell to $154,750 as compared to $178,500 in 2011. The 2012 median price mirrors the values we experienced in 2009-2010.


Strong growth in home sales since the middle of 2011 seems to indicate that buyers perceive the value of investing in housing again and that the trend for home sales is moving in the right direction. Hopefully values will begin to increase as well even if at a modest pace. There appears to be some pent-up buyer demand yet so we may see more activity as buyers seek reasonable pricing in the midst of a pretty inflated local inventory. And let's not forget about those low mortgage interest rates.

Overall the Wisconsin housing market was up in 2012, with sales of existing homes growing substantially and median prices up modestly, according to the latest figures released by the Wisconsin REALTORS® Association (WRA). Sales of existing homes for 2012 were 20.7 percent above the levels of 2011, and the statewide median price increased 1.1 percent to $133,500 over that same period. Foreclosure activity in the state is also receding at a good pace. On average the home inventory level is declining across the state.

Life Is A Gift…Live It!

Gary

Real Estate Provisions in "Fiscal Cliff" Bill

Following is a brief from the National Association of Realtors (NAR) with regards to the fiscal cliff legislation as it relates to real estate.


On January 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.” The bill will be signed shortly by President Barack Obama. Below are a summary of real estate related provisions in the bill.

Real Estate Tax Extenders:

•  Mortgage Cancellation Relief is extended for one year to January 1, 2014

•  Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012

•  Leasehold Improvements: 15 year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.

• Energy Efficiency Tax Credit: The 10% tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

• Permanent Repeal of Pease Limitations for 99% of Taxpayers Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers. These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000. These thresholds have been increased and are indexed for inflation and will rise over time. Under the formula, the amount of adjusted gross income above the threshold is multiplied by 3%. That amount is then used to reduce the total value of the filer’s itemized deductions. The total amount of reduction cannot exceed 80% of the filer’s itemized deductions. These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years. They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012. Had we gone over the fiscal cliff, Pease limitations would have been reinstituted on all filers starting at $174,450 of adjusted gross income.

• Capital Gains: Capital Gains rate stays at 15% for those at the top rate of $400,000 individual and $450,000 joint return. After that, any gains above those amounts will be taxed at 20%. The 250/500k exclusion for sale of principle residence remains in place.

• Estate Tax: The first $5 million dollars in individual estates and $10 million for family estates are now exempted from the estate tax. After that the rate will be 40 percent, up from 35 percent. The exemption amounts are indexed for inflation.

We will keep you posted on any new developments; let us know how you feel about this or if you have any other comments. 

Gary Nathan
Amanda Mavis

Wisconsin Home Sales

According to the most recent monthly report by the Wisconsin REALTORS® Association (WRA) Wisconsin home sales continued to grow at a robust pace in November, extending a strong growth trend that started in July last year. Existing home sales rose 24.8 percent last month, compared to that same month in 2011, After increasing for eight straight months, median prices dropped in November, slipping 2.3 percent to $129,900 compared to November 2011.“With 17 straight months of healthy growth in statewide home sales, there’s no doubt that the state housing market has seen a real bounce this year,” said Renny Diedrich, Chairman of the WRA Board of Directors. She pointed out that the year-to-date sales are up 21.2 percent, which is by far the highest levels seen since 2007, just before the recession officially began.

Housing affordability in the state remains high due in part to 30-year fixed-rate mortgages that are under 4 percent. The Wisconsin Housing Affordability Index, which measures the percentage of a median-priced home that a buyer with the median family income can afford, jumped to 270 in November, compared to 242 in November 2011.

In Sawyer County November residential sales were up by nearly 48% but the median price took a large dip in value as compared to last year, down 37%. Year-to-date residential sales are up overall by 24.6% on total sales of 299 units as compared to 240 homes last year.  The overall median price this year is off by 14.2%; $154,500 in 2012 versus $180,000 in 2011.

Do No Harm to Housing

 The National Realtors Association is very involved in an effort to protect the stability of the American housing market. Our position is that the mortgage interest deduction is vital not only to the stability of the housing market but to our overall economy.  We will remain vigilant in opposing any future plan that modifies or excludes the deductibility of mortgage interest.

In our office we have written to our local elected officials concerning this critical and important issue.  We have asked them to remain strongly opposed to any plan that modifies or excludes the deductibility of mortgage interest which could affect as many as 70 million American homeowners.

If you are a homeowner with a mortgage it could have a huge impact on you; stay tuned.

Life is a Gift...Live it!

Gary Nathan

OCTOBER HOUSING REPORT FOR WISCONSIN AND SAWYER COUNTY

OCTOBER HOUSING REPORT FOR WISCONSIN AND SAWYER COUNTY

According to the most recent monthly report by the Wisconsin REALTORS^® Association (WRA) Wisconsin saw its home sales increase sharply in October compared to the same month last year.  Existing home sales rose 29.4 percent over that period, which represents the highest monthly growth rate since August 2011 Median prices also increased 3.5 percent to $134,500 over the period, and this represents the strongest increase in median prices since early 2010. Through the first nine months of the year, home sales are up a solid 20.5 percent and prices are up 1 percent. This represents 16 straight months of sales growth and the eighth month of median price growth.  The pace of growth in September was 6.1 percent, but  the combined sales of September and October were up 17 percent compared to those same months in 2011.

This time last year, Wisconsin had 15.6 months of unsold inventory on the market; that has since dropped to 10.2 months this past month, which is moving Wisconsin closer to a balanced market.  A WRA spokesman indicated that this remains a buyer’s market for the near-term. The statewide foreclosure picture in the state has been improving, and Wisconsin is experiencing modest increases in home prices combined with record-low mortgage rates, which makes the state a very affordable home market.

The Wisconsin Housing Affordability Index, which measures the percentage of a median-priced home that a buyer with the median family income can afford, stood at 254 in October, which is 5.7 percent higher than the revised October 2011 level of 244.

In Sawyer County October home sales stood at 36 vs. 27 in the same period a year ago; an increase of 33.3%.  The median price in October was $148,500 as compared to $168,000 a year ago.   Year to date in Sawyer County the median price is $154,250 as compared to $179,900 this time last year. Total sales are up 21.5% this year over last with 266 home sales vs. 219 in 2011.

Life Is A Gift…Live It!

Get your Free Credit Report

FREE CREDIT REPORT

Did you know that...You are entitled to receive a free copy of your individual credit report once every 12 months.  

The Fair Credit Reporting Act requires each of the nationwide consumer companies [Experian, Equifax and TransUnion] to provide you a report at your request.  Under Federal law there is only one authorized source for the report, Annualcreditreport.com.  

Be careful as there are other companies that offer reports only if you buy their services or products.  There is no service where you can obtain a credit score for free in order to simply check on it. To order the free report you can call 877-322-8228 or go toannualcreditreport.com.

Life is a Gift...Live it!

Amanda Mavis

for Gary Nathan and Woodland Developments and Realty

Tips for Buying a Home

One of our local banks has posted a great blog article on Tips for Buying a home. For any new or first time buyers this is a good read.  Thank you Johnson Bank. 

5 Tips for Buying a Home

Life is a Gift...Live it!
Gary Nathan and Amanda Mavis