Thinking of buying or selling your home soon? If so, you'll be pleased to hear that homeowners and property owners in Wisconsin won a major victory when the proposal to double the real estate transfer tax - or "home tax" - was removed from the state budget in a compromise announced last week by Republican and Democratic legislative leaders and the governor.
The real winners of this action will be Wisconsin's young couples, working families and senior citizens. On their behalf, REALTORS® argued forcefully that raising the tax on the sale of homes and other properties was the wrong thing to do and this was the wrong time to do it.
More good news comes when homeowners should also be pleased with a separate provision in the compromise budget that limits annual property tax increases to 2 percent or the growth in value due to new construction, whichever is greater. With a similar state law having expired earlier this year, the new property tax "freeze" will provide immediate tax relief for taxpayers who might otherwise have faced significantly larger property tax bills this December.
In addition, the City of Madison is offering an acquisition and rehabilitation program to help people buy a home to be owner occupied in the Bassett Neighborhood by offering a forgivable loan of up to $60,000. If you would like more information, please contact the City of Madison or myself. Now, to focus on the Capital Neighborhoods, the biggest change has come in the condo market. The average days on market is down by almost 15% and list and sales prices are up. The market statistics are showing the following:
Residential Homes Sales
Active Listings: 29
1 home with an accepted offer
Average List Price: $365,468
Average Price per Square Foot: $189
List Price Range: $1,050,000 (high) to $141,900 (low)
2 Pending Sale averaging $289,900
October 2007 Sales: 2 Sales
Average List Asking Price: $457,450
Average List Price per Square Foot: $183
Average Sold Price: $435,500
Average Sold Price Per Square Foot: $174
Average days on market: 154
Condominiums:
Active Listings: 234
14 under contract
Average List Price: $442,357
Average Price per Square Foot: $296
List Price Range: $2,750,000 (high) to $110,000 (low)
3 Pending Sale at average of $413,266
October 2007 Sales: 12 Sales
Average List Price: $253,191
Average Sold Price: $248,190
Average List Price per Square Foot: $243
Average Price per Square Foot: $239
Sold Price Range: $350,000 (high) to $162,900 (low)
Average days on market: 103
* All information obtained through the SCWMLS courtesy of Mindy Allen, Keller Williams Realty.
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