Housing Stats for 2010 - Sawyer County Real Estate

Housing Stats for Sawyer County in 2010

Numbers can be interesting and deceiving; Chris McGrath, broker associate in our office, has this to offer.

The Realtors Association of Northwest Wisconsin (RANWW) MLS statistics for 2009 vs 2010 indicates a value improvement for Sawyer County in 2010. The median sale price went up as well, just at a different rate depending on how you calculate the increase. (i.e. the median of the 12 months or the average of the 12 months).
These statistics differ from the ones we just received from the Wisconsin Realtor Association (WRA). The WRA totals indicate that the number of units sold remained virtually unchanged from 2009(278) to 2010(276). WRA also indicates a slight reduction (down 3.2%) in the median price from 2009 to 2010 ($155,500 to $150,500).

Why the different numbers?

According to the RANWW the WRA numbers include other data sources such as auctions, non-MLS transactions and foreclosures. Compared to the RANWW which includes Multiple Listing Service (MLS) data only. The WRA numbers include non-MLS data and MLS data.

One could argue that the overall market value is determined by all transactions, not just those from MLS.

Of course, one could also argue that the RANWW numbers are more representative of the actual market because the other sales were either distressed (as most auctions are) or sales that were the result of private and/or other non Multiple Listing Service transactions, thus not representative of our overall market.


Life is a Gift...Live it!

Gary Nathan & Amanda Mavis


Featured Listing

$189,000

MLS#836681

New Law Requires Carbon Monoxide Detectors

If you are at all like me I don't like lots of new laws but the carbon monoxide one makes sense and will save lives.

Many years ago when we lived in town on Pinecrest Drive my youngest daughter, Nicole, had just learned all about carbon monoxide in one of her classes at school. She was all excited and insisted that we immediately install a detector for our safety. Needless to say I was not exactly in a rush to get to the store but she was insistent. As I recall we made the trip to the local hardware store the next day. Long story short - we installed a carbon monoxide detector and it probably saved our lives. Shortly thereafter the alarm sounded and sure enough we discovered our furnace was spewing carbon monoxide.

Dubbed the "silent killer" carbon monoxide is a dangerous, poisonous gas that you cannot detect and it kills more than 2000 U.S. citizens each year and sends tens of thousands to the emergency room.

On February 1, 2011, Wisconsin's new carbon monoxide detector law will go into effect. Essentially all homes must have a carbon monoxide detector. It requires all one and two-family homes to have installed carbon monoxide alarms in the basement of the dwelling and on each floor level except the attic or storage area of both newly constructed and existing homes. So, for existing homes you can have battery operated monitors rather than going to the expense of a hard-wired system. If you are building a new home the alarms must be hard-wired in order to be current with national model safety codes.

Homes with no attached garages, no fireplaces and no fuel-burning fireplaces are exempted from this requirement. The new carbon monoxide detector law does not have a fine or penalty associated with non-compliance.

Take it from me and my family, we are here today as a result of having spent less than 50 bucks for a monitor that we simply plugged into our lower level wall outlet. It's the law but even if it wasn't I would still be recommending that you protect yourself and your family.

Life is a Gift...Live It!



Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15563 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/

3.8% Real Estate Tax? - Get The True Scoop

Greetings,

Maybe you've been hearing rumblings recently about a 3.8% sales tax on all real estate transactions. Below is a good article from our local Wisconsin REALTORS Association Best of Legal Hotline. There are also some links that you can go to and read more about it. I have taken the liberty to reprint this in its exact form therefore you have to put up with all the disclosures and disclaimers.

This Legal Hottips article may be reprinted only if it is reprinted in its entirety, including the disclaimers above and below the Hotline questions and answers. The Wisconsin REALTORS® Association Best of the Legal Hotline Service is an educational resource intended to keep the Association abreast of legal developments and concerns involving real estate practice in Wisconsin. We look forward to your input regarding the service, especially regarding the types of topics you would like covered.

1.) General Real Estate - Miscellaneous Issues


QUESTION:
The broker has heard about an added 3.8% tax that sellers must pay upon the sale of their property. Is there such a tax and is it really 3.8%?

ANSWER:
There have been e-mail and rumors circulating that proclaim that all real estate transactions will be subject to a 3.8% sales tax starting in 2013 under the new health care legislation – that statement is clearly untrue. On the other hand, there is a 3.8% Medicare surtax that will apply to the investment income of single taxpayers with adjusted gross incomes (AGI) over $200,000 and to married taxpayers with adjusted gross incomes over $250,000 starting in 2013. The tax applies to the smaller of the household's net investment income or the excess of AGI over the thresholds. Capital gains are treated as investment income for these purposes. In terms of real estate transactions, if these taxpayers sell their homes after 2012 and the gain exceeds $250,000 for a single taxpayer or $500,000 for married taxpayers, the amount of the gain over these amounts will be subject to the 3.8% tax. The tax also would apply to the gain from the sale of a second home, investment and commercial real state and net rental income from investment properties.

READ MORE ABOUT IT:
To learn more about how the 3.8% surtax will be applied and other details of the health care legislation, review the following online NAR resources:


• Frequently Asked Questions about Health Care Reform: http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_health_ref_faqs.pdf/$FILE/government_affairs_health_ref_faqs.pdf
• Myth Busters flyer: http://www.realtor.org/small_business_health_coverage.nsf/docfiles/government_affairs_myth_busters.pdf/$FILE/government_affairs_myth_busters.pdf
• Health Insurance Reform: NAR FAQs: http://www.realtor.org/small_business_health_coverage.nsf/Pages/health_ref_faq_med_tax_earned_income?OpenDocument

This Wisconsin REALTORS® Association Best of the Legal Hotline service is provided for you by the WRA's Legal Affairs Department. The service should be considered a general statement of applicable legal principles. Given this format, it is impossible to fully address all potential legal issues which might apply in any particular situation. A determination of any individual's legal rights in a transaction can only be obtained after complete analysis of the law and its applicability to the particular fact situation. Please contact the WRA Legal Hotline if additional information is needed, or private counsel, if legal advice is needed. Thank you for using the Wisconsin REALTORS® Association Designated REALTOR® Best of the Legal Hotline service.

This HOTLINE response should be considered a statement of applicable legal principles. Given the HOTLINE format, it is impossible to fully analyze all the relevant facts in any particular situation. A determination of one’s legal rights can only be obtained after complete analysis of the law and its applicability to one’s particular fact situation. Therefore, this response does not constitute legal advice and should not be relied upon as legal advice in litigation, arbitration or ethics matters. Private counsel should be consulted if legal advice is needed or if the caller is involved in litigation, arbitration or ethics matters.






Life is a Gift. . .Live it!



Gary Nathan and Amanda Mavis
Woodland Dev & Realty
15563 Railroad St
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
www.garynathan.com


http://www.realestatehaywardwi.com/

2010 Year in Review

Life is a Gift. . . Live it!

Gary Nathan & Amanda Mavis
Woodland Developments & Realty

What to Eat at Christmas

This was such a funny forward sent to me that I had to repost it on our blog. I hope you find is as enjoyable as I did. Merry Christmas and a Happy New Year!


Eating Tips for The Holidays
1. Avoid carrot sticks. Anyone who puts carrots on a holiday buffet table
knows nothing of the Christmas spirit. In fact, if you see carrots, leave
immediately. Go next door, where they're serving rum balls.

2. Drink as much eggnog as you can and quickly. You can't find it any other
time of year but now. So drink up! Who cares that it has 10,000 calories in
every sip? It's not as if you're going to turn into an "eggnog-aholic" or
something. It's a treat. Enjoy it!!!! Have one for me. Have two. It's later
than you think. It's Christmas!

3. If something comes with gravy, use it. That's the whole point of gravy.
Gravy does not stand-alone. Pour it on. Make a volcano out of your mashed
potatoes. Fill it with gravy. Eat the volcano. Repeat.

4. As for mashed potatoes, always ask if they're made with skim milk or
whole milk. If it's skim, pass. Why bother? It's like buying a sports car
with an automatic transmission.

5. Do not have a snack before going to a party in an effort to control your
eating. The whole point of going to a Christmas party is to eat other
people's food for free. Lots of it. Hello???

6. Under no circumstances should you exercise between now and New Year's.
You can do that in January when you have nothing else to do. This is the
time for long naps, which you'll need after circling the buffet table while
carrying a 10-pound plate of food and that vat of eggnog.

7. If you come across something really good at a buffet table, like frosted
Christmas cookies in the shape and size of Santa, position yourself near
them and don't budge. Have as many as you can before becoming the center of
attention. They're like a beautiful pair of shoes. If you leave them behind,
you're never going to see them again.

8. Same for pies. Apple, cherry and mincemeat - have a slice of each. Or, if
you don't like mincemeat, have two cherries and one pumpkin. Always have
three. When else do you get to have more than one dessert?
Labor Day?

9. Did someone mention fruitcake? Granted, it's loaded with the mandatory
celebratory calories, but avoid it at all cost. I mean, have some standards.

10. One final tip: If you don't feel terrible when you leave the party or
get up from the table, you haven't been paying attention. Reread tips: Start
over, but hurry, January is just around the corner.

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

October Home Sales - A Mixed Bag

The Wisconsin Realtors Assn. reported that Wisconsin home sales fell in October but prices remained stable. Since January the median price was down just 0.9 % while existing home sales were off by 6.9 %.

When comparing October 2010 to October 2009 the findings show that home sales were down 36.3 percent while median prices remained unchanged at $140,000.

In Sawyer County we experienced a 15.5% increase in median price from a year ago; October 2010 prices were $167,500 versus $145,000 in 2009. However, our sales dropped by 31.4%; we sold 24 homes this October compared to 35 in October of last year.

Sawyer did well comparatively to our region which saw a decline in sales of 40.4% and just a 9.7% increase in median sale price.

Part of the drop in homes sales is undoubtedly due to the fact that we had two federal home buyer tax credit programs going on last year which most likely inflated the number of buyers in 2009.

Home buyers remain somewhat uncertain but they continue to be in a favorable position considering high inventories, fairly stable prices and historically low mortgage rates. Our office has had a flurry of business this fall with quite a bit of activity in the pipeline.

Have a very Happy Thanksgiving; please drive safe and enjoy the holiday.

Life is a Gift…Live It!

Gary Nathan
Amanda Mavis
Woodland Development & Realty
15563 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/

Video Blog

Life is a Gift. . . Live It!


Gary Nathan & Amanda Mavis
Woodland Dev. Realty
http://www.garynathan.com

Medicare Tax on Real Estate - Yikes!

Greetings!

Hope you are enjoying the fall colors and the change in our season.

Undoubtedly you have heard about the new Medicare Tax on investment income, including income from real estate. Many of us are still confused about when the new tax goes into effect, who it applies too, and what types of real estate will be impacted.

First of all it does not begin until 2013. A 3.8% tax will be levied on investment income of high-income earners. So who is a high income earner? Single persons with an adjusted gross income (AGI) over $200,000 or married persons (filing jointly) with an AGI above $250,000. The tax will be applied to the household's net investment income or the excess of AGI, over the thresholds, whichever is less.

So, if a person or a married party has an AGI that exceeds the thresholds, they will be required to pay the 3.8% tax.

The tax applies to the following types of real estate:

1. the gain from the sale of a primary residence, if the gain on the home exceeds $250,000 for single households or $500,000 for married households. The tax hit will apply only to the gain over these amounts;

2. the gain from the sale of second homes like vacation homes;

3. the gain from the sale of investment real estate;


4. the gain on the sale of commercial real estate;

5. net rental income from investment properties.


Oh joy, more tax, but not for all.


A good source for more information can be found by going to:

http://www.realtor.org/small_business_health_coverage.nsf/pages/health_ref_faq_med_tax?opendocument


Have a great fall weekend and remember - Life is a Gift...Live It!


Blessings.....


Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15563 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/

August Was No Dog

The dog days of August have come and gone and locally August was no dog. Hayward was busy with tourists, part-time owners and want-to-be owners not to mention us regulars. There are always lots of reports to read when it comes to real estate; I have a couple of interesting sidebars below.

Locally August home sales in Sawyer County, per the Multiple Listing Service, topped 2009 by 30% and the average sale price rocketed to $245,776 from $156,612 in 2009. Average days on market in August of this year was 193 vs. 313 a year ago. The percent of sale price to list price stayed the same at 91% and the average size home purchased was similar at around 1600 sq. ft. This accounts for all on-water and off water residential homes.

The National Association of Realtors reported that July was the largest percentage of decline on record for sales of existing single-family homes and condos. In August those sales rebounded 7.6% to a seasonably adjusted rate of 4.13 million which beat the analyst’s expectations.

Nationally, the resale of homes has been down nearly 20% in the past year. The inventory of unsold homes on the market fell a little to 3.98 million which is about an 11.6 month supply at the current sales pace. Median sales nationally fell slightly to $178,600.

According to a report from Fairway Independent Mortgage, home ownership is still the goal and dream of about 72% of Americans. That is a decline from the past but the interest level remains very high. In a similar poll 27% of renters say they are not interested in buying. Of the renters who do plan to buy, most are putting that off for at least two years.

Another trend that we see, locally as well as nationally, is that people are trending away from the “mcmansions” and are planning homes in the 800 to 1400 sq. ft. range. Personally, I must admit that I too would consider a much smaller home the next time around – at my age I had better start searching. Anybody know a good realtor?

Have a great weekend and remember Life is a Gift…Live It!

Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15563 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/

Something to Celebrate

Greetings and Happy Labor Day!

A good friend of mine recently stopped by to chat, and as usual, we talked about the current market and how we both should slow down and smell the roses - that won't happen. He is in development and construction and has had a very good year and I shared with him that our local market is certainly better than last year. You wouldn't believe it based on all the reports on the radio and television.

Here are some numbers that prove that our local market is holding its own and actually dramatically increased in at least one area. This is data from our local Multiple Listing Service (MLS) for Sawyer County only.

The total number of waterfront residential homes sold from January 1, 2009 to September 1, 2009 were 41 units with an average price of $242,830. The highest priced property that sold in 2009 was for $997,000 on Grindstone Lake. During the same period this year, January 1 to September 1 there have been 68 sales with an average sale price of $336,496. The highest priced sale was on Round Lake at $1,570,000.

In the same 2009 and 2010 periods, the off water residential sales for both years was nearly identical at 69 and 67 respectively. Commercial sales during those same periods was consistent at seven sales in 2009 and six sales in 2010.

The sales above do not take into account non MLS sales.

The local market isn't sizzling hot but it hasn't been all doom and gloom; something to celebrate!

The last thought I want to share with you is something my friend said during our conversation, "Gary, you can't buy back time". How true. One of the many perks of my job is the opportunity to listen to folks tell me about the memories they have of their time spent at their Hayward properties. You can't put a price on memories and you can't buy back time. So enjoy your holiday with family and celebrate the fact that we live in an area where many folks dream of escaping to someday.

Life is a Gift...Live It!


Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15563 Railroad St
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynthan.com/