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.
Now, to focus on your Lake View Hills neighborhood, statistics are showing the following. For residential Home Sales, the number of active listings from September to October has decreased by 15%. Sales and list prices from September to October have also decreased slightly. October is yielding a higher price per square foot value, and days on the market have also shown a small increase. Along with the increase in average sales price for condos, the days on the market has also nearly doubled. The numbers are as follows:
Residential Homes Sales
Active Listings: 67
4 homes under contract
Average Asking Price: $238,888
Average Price per Square Foot: $141
List Price Range: $999,900 (high) to $119,900 (low)
6 Pending Sale averaging $190,550
October 2007 Sales: 4 Sales
Average List Price: $202,175
Average Sold Price: $187,125
Average List Price per Square Foot: $122
Average Sold Price per Square Foot: $113
Sold Price Range: $240,000 (high) to $140,000 (low)
Average days on market: 120
Condominiums:
Active Listings: 43
1 condo under contract
Average Asking Price: $189,202
Average Price per Square Foot: $114
List Price Range: $399,900 (high) to $114,900 (low)
1 Pending Sale at $218,900
October 2007 Sales: 3 Sales
Average List Price: $157,766
Average Sold Price: $154,000
Average List Price per Square Foot: $112
Average Sold Price per Square Foot: $109
Sold Price Range: $215,000 (high) to $115,000 (low)
Average days on market: 142
* All information obtained through the SCWMLS courtesy of Mindy Allen, Keller Williams Realty.
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