Cheese Country Realtors

“As-is, where-is”

brendaccr — Thu, 17 Mar 2011 17:00:24 +0000

Usually when a buyer is purchasing property or a home, the seller provides a form called a real estate condition report. The seller is legally required to make no mis-representations about the property and its condition.

Sometimes, though, the condition report is not filled out or the contract contains a provision that states “The buyer accepts the property as-is, where-is. Seller makes no warranties, expressed or implied.” This happens most frequently in the case of bank-owned properties (foreclosures) or when a personal representative fills out the documents for an estate, but it can also happen in regular transactions as well.

Buyers need to be very aware of what they are signing when they agree to an as-is, where is statement in a contract.

When a buyer agrees to an as-is, where is statement in the contract, they effectively lose their right to sue the seller later for mis-representation. This statement implies that the buyer is purchasing a property that is not in perfect condition and cannot rely on the seller to diclose any or all defects. Wisconsin Court of Appeals recently heard a case regarding a real estate transaction where the seller assured the buyer that the property had a clean environmental analysis, but where there was soil contamination. The buyer signed a contract with an as-is, where is provision. Because of the provision that the buyer agreed to, the court ruled that the buyer was in breech of contract when attempting to back out of the deal.

Buyers should tread carefuly with any offer that has an as-is, where is provision attached. Try to obtain any inspections or testing that could help determine condition prior to submitting an offer. Perfect properties rarely come with the as-is, where is language, so keep buyers need to be aware of any potential hidden risks.

January and February Market Report

Brenda — Sun, 13 Mar 2011 22:11:17 +0000

I realized today that it has been a while since we did a comparative market report for the Green County, WI area:

45 homes sold though the MLS in January and February of 2011,
The homes were on the market for an average of 102 days,
The average sale price was $116,028,
The median sale price was $109,900,
The highest priced property sold was $363,587,
The lowest priced property sold was $10,000.

Let’s compare with January and February of 2010:

21 homes sold through the MLS in January and February of 2010,
The homes were on the market for an average of 141 days,
The average sale price was $158,385,
The median sale price was $129,900,
The highest priced property sold was $333,500,
The lowest priced property sold was $57,500.

Our interpretation of these numbers? The average and median home prices have dropped due to the larger number of less expensive foreclosure homes that have been moving. 22 of these 45 homes sold in January and February were under $99,999.

These numbers also mesh very well with what we have been seeing personally in the real estate market so far this year – things are starting to move again. This is not only true for single family homes. When we look at commercial properties, 4 sold through the MLS in January-February of this year, but only 1 in the same time last year. 3 parcels of vacant land sold this year compared to one last year; 3 multi-family properties have sold this year compared to none last year. The only class that sold better last year was condos: 1 this year compared to 4 last year.

Taking a look at the future, there are 17 single family properties currently pending sale in the MLS. That means that all contingencies have been removed and the parties are just waiting for the closing date. 22 single family homes are also listed as having an offer that still has contingencies. We like seeing those kinds of number in Green County again.

Let’s keep real estate recovery going here in Cheese Country.

W5549 Center Rd, Monroe, WI 53566

Brenda — Sat, 12 Mar 2011 02:07:58 +0000

Absolute Privacy

Absolutely privacy just minutes from town makes this 40 acre retreat with Swiss Chalet home an oasis. 4 bedroom home features great room with soaring ceiling & expansive views, local limestone fireplaces, bamboo flooring, renovated kitchen and bathrooms. Master suite with attached parlor, fireplace and patio doors. Rare and familiar wildlife is in abundance: eagles, sandhill cranes, turkey, deer, towering oaks, wild orchids, private orchard, native grasses & pines, limestone bluffs, Skinner Creek frontage.

Property Details

Listing Price: $365,000		MLS # : 1612918
Address: W5549 Center Rd		City: Monroe
State: WI		ZIP: 53566
Lot Size: 40 acres		Square Feet: 2036
Bedrooms: 3		Bathrooms: 3
Basement: Full, Walkout, Partially Finished		Garage: 2 car attached
Interior Features: Two Fireplaces, Jetted Tub, Vaulted Ceilings		Exterior Features: Wooded, Rural not in subdivision, on Skinner Creek
List Date: 02/17/28		Year Built: 1978

Tax Deductions for Homeowners

brendaccr — Tue, 01 Feb 2011 08:40:29 +0000

Home ownership has always been a source of tax benefits and deductions. Whether you purchased your first home in 2010 or have been a long time homeowner, remember the following items when doing your taxes or talking with your tax accountant. Any or all of them may be deductible for your 2010 tax year:

Mortgage interest.
Points purchased.
Private mortgage insurance.
Real estate and property taxes.
A portion of your moving expenses if you relocated for work.
Home improvements made specifically for medical reasons.

Restrictions may apply for who may take deductions for some of these items. Talk with your tax accountant or visit the IRS website for more information.

Housing Outlook for the 2011

brendaccr — Fri, 14 Jan 2011 07:25:47 +0000

Wisconsin Real Estate Magazine has an in-depth report on the economic and housing outlook for Wisconsin in 2011.

We’ll let you read the full details for yourself, but here are a few interesting quotes:

“But house prices are now roughly in line with fundamentals like incomes, interest rates, and rents. For example, for much of the 80s and early 90s national house prices were about 3 to 3½ times the median household income. During the boom the ratio peaked at about five, but now we are back in step with historic norms.”

The bust has been very difficult for our nation, but the rate of increase in the early part of this century simply was not sustainable. Having prices back to historic norms is a very good thing for our nation as a whole.

“Wisconsin’s economy and housing markets are continuing the recovery we noted last year. Statewide, our unemployment rate is 7.8 percent, 2 points below the national average. Even our worst-hit metropolitan areas like Janesville and Racine are outperforming the really hard-hit labor markets…”

This statistic is not helpful if you are one of the 7.8 percent. However, as a whole, it speaks to the robust nature of our economy compared to the rest of the nation. Confidence will help growth, and growth is what we need to fully recover from the recession.

“Some of our smaller metropolitan areas like Eau Claire and Green Bay, though still affected, have seen less of a boom and bust cycle than the rest of the country, and nothing close to the highly volatile markets in states like California and Florida.”

This echoes something we have been saying for years: real estate is nothing but local. Just because there are enormous declines in Las Vegas or entire subdivisions nearly vacant in California does not mean that buyers here can expect to get houses for half of their 2006 values. And no, cash offers don’t mean sellers will accept 50 cents on the dollar either.

“Housing prices in Wisconsin, as elsewhere, have stopped their decline and appear to have stabilized. “

Again, this is something that we have been seeing locally. Prices do appear to have stabilized across the board. The challenge now is to help sellers accept the reality of today’s fair market value instead of longing for the pricing of four years ago.

We do recommend reading the entire report. It is a very readable work and a very informative one.

Buying a home in December? Are you crazy?

brendaccr — Fri, 03 Dec 2010 10:05:51 +0000

Real estate wisdom has always been that things are wicked slow from Thanksgiving through New Year’s. Buyers have a lot going on in their lives, and looking at homes bumps way down on the list unless a buyer really needs to move. We tend to warn our home sellers that any buyer looking at this time of year is extremely serious, so homes must be staged well for every showing.

Buyers can use this conventional wisdom in their favor, making this a great time of year to purchase a home.

Why?

So few buyers want to look right now. Home sellers are aware of this fact, and so they are more likely to work with an offer and negotiate than they might be at other times of year. If sellers get an offer in early or mid-December, they are highly aware of the fact that this will likely be the only offer they see for the next four to six weeks. This is another one or two mortgage payments or a delay in a seller’s own relocation. Sellers do consider these extra costs as they negotiate.

If you can fit the time to look at homes into your schedule, give some thought to writing an offer in December. It can be just the edge you want in the negotiation process.

What is that strange little spotty picture??

brendaccr — Fri, 29 Oct 2010 18:16:14 +0000

Have you seen the funky little boxy graphics we are starting to incorporate in our marketing and yard signs?

These are called QR codes, and you will probably see them popping up more and more in retail stores, on website, on advertising posters.

If you are wondering what on earth a QR code is and what you should do with it, don’t worry. Lots of people in our area don’t know about them. Basically, if you have a smart phone, you can download an app called a barcode reader or a QR reader. Not all smart phones can read these codes, but iPhone can and most Androids will too. Android phones often come with Google Googles, which can read them, or you can download apps like Barcode Scanner from the Android Marketplace. If you have an iPhone, readers like Optiscan, QuickMark, QR App, and NeoScan are recommended by cnet.com. Palm has their own QR reader app, or i-nigma or BeeTagg.

You scan these little graphics with that reader, and it decodes them. The QR code might be a text display (“Open house on Friday evening from 5 to 7 pm”). It might reveal a website link with more information. That code above take you to a website that has the pricing, photos, and features for one of the homes we have listed. It could open a video or audio stream, or initiate an email on your smart phone that already has the recipient’s email address and the subject line entered (“Please send me more information on 1610 16th Ave, Monroe”).

We are using them on yard signs at some of the homes we have listed for sale and in some of our online marketing. It is just another way that we are reaching out to a different client base to help our sellers’ homes be seen by as many people as possible.