11 Years of Sawyer County Residential Sales

Hopefully you will find the information in the table and graph below interesting; it is sales data for the past eleven years from 2001 through 2011. The numbers provided here are gathered from the Multiple Listing Service and specific to Sawyer County; the sales and averages do not take into account sales that occurred between parties that did not have their homes listed on the MLS.

All of us have an opinion about the value of our own homes and residential property in general. What strikes me is that if we remove the spike down in 2008-2009 (see the graph), and look at 2011 median or average price, we find that values have returned to or are near 2006-2007 levels. Actually 2011 numbers look pretty good compared to the early part of the 2000 decade; we are well above values ten years ago.

If you have owned your home a long time, you have had the opportunity to enjoy it and see it appreciate. The problem is that we too often get caught up talking about the inflated numbers of 2006-2007 or the lower values in 2009. Total sales are certainly off compared to the middle of the decade but even those have leveled off while average and median values have increased. From my perspective, the glass is half full.

Gary Nathan

Life is a Gift...Live It!

Which Remodeling Projects Pay Off?

Many times we work with sellers who ask us whether or not remodeling their home will help sell it or increase the value of the home. While certain remodeling or replacement projects may enhance the property I typically to not hear buyers say they are willing to pay for those improvements. Many buyers view remodeling as work that was needed to be done in order to maintain the home; and to a certain extent they are right.

Before you launch into any major remodeling projects take a look at the latest data as prepared by Remodeling Magazine and REALTOR® Magazine as reported by United Press International (02/20/12).“The resale value of remodeling projects has decreased over the last couple of years. The number has fallen to $10,688 from $17,857 in 2008 for bathroom remodels and to $40,126 from $43,030 for kitchen remodels, with cost-to-value ratios slipping to 57.2 percent and 68.7 percent, respectively.”

“Overall, the top 10 remodeling projects for 2011-12 have a cost-to-value ratio of 71.6 percent, down from 75.8 percent for 2010-11. Replacement projects are more valuable these days because they boost curb appeal. The top five improvement projects and their cost-to-value ratios are siding replacement, 78 percent; entry door replacement, 73 percent; attic bedroom, the most cost-effective means of adding a bathroom and bedroom, 72.5 percent; minor kitchen remodel -- the least expensive way to jazz up the kitchen -- 72.1 percent; and garage door replacement, 71.6 percent.”

“The five improvement projects that add the least value compared to their cost are home office remodel, 45.8 percent; backup power generator, 48.5 percent; sunroom addition, 48.6 percent; master suite addition, 52.7 percent; and bathroom addition, 53 percent.”

There you have it. Instead of major surgery consider doing some lipstick and rouge (paint, clean, de-clutter, organize) to your property. And don’t forget that you will undoubtedly reap some benefit and enjoyment as a result of any improvement including a remodeling project. You can’t put a price on that.

Life Is A Gift…Live It!

Gary Nathan
Amanda Mavis