<?xml version="1.0" encoding="UTF-8" ?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
    <channel>
        <atom:link href="http://www.lakeandcityhomes.com/blog/madison-wi-assessments-mill-rates-property-taxes/rss/" rel="self" type="application/rss+xml" />
        <title>Lake &amp; City Views</title>
        <link>http://www.lakeandcityhomes.com/blog/madison-wi-assessments-mill-rates-property-taxes/</link>
        <description>Madison WI real estate news, opinions, &amp; MLS statistics. Read about featured Madison WI homes for sale, the overall Madison real estate market, mortgage news, &amp; local real estate events.</description>
        <item>
            <guid>http://www.lakeandcityhomes.com/blog/new-guide-to-madison-homes-page.html</guid>
            <link>http://www.lakeandcityhomes.com/blog/new-guide-to-madison-homes-page.html</link>
            <author>jolenta@lakeandcityhomes.com (Jolenta Averill)</author>
            <title>NEW! Guide to Madison homes page</title>
            <description> <![CDATA[ 
Is your heart set on a classic Cape Cod, a cool Contemporary, or a character-filled Victorian?&nbsp; The beauty and diversity of architecture is one of the most enjoyable aspects of real estate. But when buying a home it can also be confusing if you're unfamiliar what's available or unsure which styles you'll like best. If you do have your mind made up, how do you access just your favorite style homes for sale? 

Whether or not you've decided what style's for you, it's easy to find the Madison home of your dreams with our new Guide to Madison homes. Here you'll find brief descriptions of the most popular housing styles found in Madison along with one-click access to all the homes currently for sale in each category of architecture. What style home do you fancy? Send us a picture of your favorite style of architecture when it comes to Madison residential homes. If we feature your photo on our Guide to Madison homes by January 31st, 2011, you'll be eligible to win a free one-year home warranty! (Note: some restrictions apply, call (563) BUY-SOLD&nbsp;(563-289-7653) or email us for details). 
 ]]> </description>
            <pubDate>Sun, 26 Dec 2010 16:58:22 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.lakeandcityhomes.com/blog/new-property-taxes-added-to-property-details-page.html</guid>
            <link>http://www.lakeandcityhomes.com/blog/new-property-taxes-added-to-property-details-page.html</link>
            <author>jolenta@lakeandcityhomes.com (Jolenta Averill)</author>
            <title>New! Madison property taxes &amp; room dimensions added</title>
            <description> <![CDATA[ 
Lake &amp; City Homes Realty is proud to announce the addition of property taxes and room dimensions to our Details tab!

We recognize that it's a hassle to have to leave LakeandCityhomes.com to look up property taxes for Madison homes you find of interest. Or to have to contact us when you want to know whether the room dimensions for a certain Madison area property are going to be adequate for you or your family's needs. We also recognize that Madison property taxes can be very high and that many homes seem too be good to be true until you get a chance to see the actual room dimensions. So we went ahead and added property taxes and room dimensions to our Details page. We want to take the hassle and aggravation out of your Madison home search and make it a fun and enjoyable experience! In fact, now you can see property taxes and room dimensions for any property for sale in the South Central Wisconsin MLS, not just for properties located in Madison WI. 

So, where exactly should you look for this information? Just click on the Details tab for the home you're interested in. Then scroll down to the &quot;Property Details&quot; section of the page. Across from price you'll see a heading marked &quot;Net Taxes / Year&quot;. The data you want will be located right next to it. The dollar figure indicates the total amount of taxes that were owed on that property and the year in which those taxes were due.&nbsp;

To see the dimensions (measured in feet) for each room described in the property listing, simply scroll to the next section of the page entitled &quot;Room Dimensions&quot;. You'll see the measurements for each room, whenever that data is provided by the listing agent to the Multiple Listing Service. Room dimensions are a required field on the MLS so if a room is noted, there should always be measurements associated with it. Occasionally you will see 1x1 or 0x0 if an agent has not yet entered the room dimensions on the MLS, however this is rare. Please note that sometimes agents use room dimensions provided by their seller or they may use approximate room dimensions. So be sure to take your own measurements before making an offer on a property, especially if there's a critical piece of furniture you want to be sure is going to fit. 

Now you know where to find property taxes and room dimensions for Madison homes for sale or for any property for sale that interests you in South Central Wisconsin. We hope this makes your Madison home search even easier and more convenient than ever. Don't forget to click &quot;Save to Favorites&quot; whenever you see a property of interest and let us know when you're available to schedule a private showing. 

Happy househunting! 
 ]]> </description>
            <pubDate>Tue, 04 May 2010 12:44:39 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.lakeandcityhomes.com/blog/time-running-low-on-tax-credit.html</guid>
            <link>http://www.lakeandcityhomes.com/blog/time-running-low-on-tax-credit.html</link>
            <author>jolenta@lakeandcityhomes.com (Jolenta Averill)</author>
            <title>Time Running Low on Tax Credit</title>
            <description> <![CDATA[ 
Two days and counting until Tax Day! That means prospective homeowners better close the deal if they want to take advantage of the tax credit, which could return up to $8,000 to first-time home buyers and $6,500 to repeat buyers. Thankfully, qualified service members from the Armed Forces, intelligence community or The Foreign Service have an extra year to put this tax credit to use.

Homebuyers that meet one of those criteria and are on official extended duty, deadlines for the tax credit are extended. They have until April 30, 2011 to sign a binding sales contract that is closed by July 30, 2011.

Those considering home buying should seriously consider Wisconsin. Thanks to its mix of rural and urban areas, the state of Wisconsin has an attractive range of housing markets from which to choose. Given its wide range of industries, Wisconsin welcomes service members regardless of their labor skills. Despite which deadlines apply, the tax credit has general requirements:&nbsp;&nbsp; &nbsp;



A home's maximum purchase price is $800,000.



You or your spouse cannot have owned a home in the last three years, to be considered a first-time homebuyer.



Individuals and married couples with an annual income of at least $125,000 or $250,000 respectively cannot qualify for the tax credit.



Those who are not purchasing their first home can qualify for up to $6,500 in return. All other requirements are the same, but you must have occupied your residence for five of the last eight years.



&nbsp;If official extended duty causes qualified service members to sell or move from a tax credit home within three years of purchasing it, they are exempt from the recapture rule. Loans insured by the Department of Veteran Affairs can still put the tax credit it to use, too.

Find out more about obtaining your VA loan Certificate of Eligibility here. 

&nbsp;
 ]]> </description>
            <pubDate>Tue, 13 Apr 2010 14:17:36 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.lakeandcityhomes.com/blog/madison-market-update.html</guid>
            <link>http://www.lakeandcityhomes.com/blog/madison-market-update.html</link>
            <author>jolenta@lakeandcityhomes.com (Jolenta Averill)</author>
            <title>Madison Market Update - NEW!</title>
            <description> <![CDATA[ 
I'm pleased to announce that after two weeks of enduring a steep learning curve for video editing, a variety of technical issues and glitches, and a fair degree of performance anxiety, I'm finally ready to kick off our new monthly housing update! It's dubbed The Madison Market Update because it's focused on the residential Madison WI real estate market. 

In today's premier edition of the Madison Market Update you'll find highlights of the Madison housing market year-to-date with comparisons to last year using measures such as sales volume, average prices, average days on market and more. The Madison Market Update  will be updated monthly and you'll have access to all the charts and graphs discussed in each edition via our Madison Market Statistics page and related market data pages (e.g. our Madison Condo Statistics page). 

So, without further ado, please enjoy our first video blog post and whatever you do, don't forget to comment. We want to know what you think about the Madison WI housing market and how you like our new format! 

 

&nbsp;

To speak to a licensed Realtor specializing in Madison area real estate, please visit www.lakeandcityhomes.com or call broker|owner Jolenta Averill at 608.628.9701 today!
 
&nbsp;
 
&nbsp;
 ]]> </description>
            <pubDate>Tue, 10 Nov 2009 22:40:47 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.lakeandcityhomes.com/blog/the-case-for-extending-the-8k-tax-credit.html</guid>
            <link>http://www.lakeandcityhomes.com/blog/the-case-for-extending-the-8k-tax-credit.html</link>
            <author>jolenta@lakeandcityhomes.com (Jolenta Averill)</author>
            <title>The case for extending the $8K tax credit</title>
            <description> <![CDATA[ 
 As both a Realtor and consumer, it would be hard not to notice what an overwhelming success the first-time homebuyer's $8K tax credit has been both nationally and on the Madison real estate market. Both homebuyer interest and housing sales shot through the roof before the ink was even dry on the legislation. Although lower prices and historically low interest rates have certainly been a huge draw, it's clear the $8K tax credit is primarily responsible for consumers' renewed interest in homeownership in the midst of the massive mortgage meltdown and ensuing housing crisis.&#8232;But progress may come to a screeching halt unless Congress extends the credit through 2010. Without an extension of the legislation, many people will miss out. Those who couldn't purchase before November 30th will miss out. Those entering the workforce late this year and early next year. And  those re-entering the workforce over the next few months as the economy continues to improve. No doubt some home owners have been  holding off from selling as long as possible as well, hoping for the market to improve. But they can only hold back so long. In addition, more and more short sales and foreclosures are coming onto the market all the time and may be exacerbated by exotic loans whose rates are about to adjust. This new inventory, as well as the pent-up desire of some homeowners to sell, could outstrip demand without a good supply of buyers, quickly driving the market back down. 

Although there are no guarantees, the WRA (Wisconsin REALTORS Association) in conjunction with NAR (the National Association of REALTORS) are working towards an extension of the tax credit into 2010. Whatever the outcome, they do not anticipate an announcement one way or the other until we get closer to the December 1 deadline. Although the market has improved, it has not yet fully corrected itself. The credit needs to be extended for an additional period of time, as well as expanded, in order to build upon the progress already made. Uncertainty about the future of any homebuyer credit will only serve to dampen consumer demand. The best way to assure continued housing activity is to extend and expand the credit immediately.A homebuyer is eligible for the $8K tax credit only if a home is
purchased before (ie prior to) December 1st, 2009. That means that
buyers have to locate a house, get an accepted offer, satisfy any
contingencies included in the offer, secure
acceptable financing and close on the property no later than November
30th, 2009. Accomplishing those tasks
by November 30th will become more challenging with each passing day given the number of consumers  scrambling to take advantage of the $8K tax credit before
it expires. Moreover, because appraisal rules have changed and credit
has tightened so dramatically in recently, it can easily take between 45 and 60 days to go from
contract to closing.

If you would like to take advantage of the first-time homebuyer's tax credit, if you care about the stability of the real estate market, or if you want to support someone buying a first home, please contact your representatives in Congress and ask them to support extending and expanding the tax credit. If you are interested in learning how to take advantage of the $8K tax
credit by November 30th, please contact Lake &amp; City Homes Realty at
608.230.5553. We'll tell you everything you need to know to get
you on the path to home ownership!





 
 ]]> </description>
            <pubDate>Sat, 03 Oct 2009 10:23:35 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.lakeandcityhomes.com/blog/outdoor-hot-tubs-love-them-or-hate-them.html</guid>
            <link>http://www.lakeandcityhomes.com/blog/outdoor-hot-tubs-love-them-or-hate-them.html</link>
            <author>jolenta@lakeandcityhomes.com (Jolenta Averill)</author>
            <title>Outdoor hot tubs - love them or hate them?</title>
            <description> <![CDATA[ 
A
client recently posed this question, &quot;Do you think if we got rid of the
hot tub it would help?&quot; Translation: Would getting rid of our hot tub
make our property more attractive to buyers? 

The
client suggested she freecycle the hot tub. In fact, she thought she'd
have no problem getting rid of it by the weekend. I don't know a lot
about hot tubs (I've never owned one) but I wondered how she'd get rid
of it so quickly if it was so undesirable. Afterall, it was already Thursday when she made the suggestion.
Then again, that hot tub (see photo) wasn't looking so hot. It actually
made her newly refinished deck look a little shabby. Then she mused, &quot;I
don't think anyone even wants a hot tub anymore. It costs a fortune to
keep it running in the winter and what's the point of having one in the
summer? On the other hand, if it would help to repair it and get it up
and running, we could do that too.&quot; 

So
in puzzling that over we couldn't help but think the hot tub looked
pretty darn uninviting. We even thought about staging the area to look
romantic but somehow neither one of us was convinced that getting naked
in front of the neighbors (albeit without them knowing) while they
relaxed on the deck in their back yard was all that compelling an idea.
In fact, it seemed a laughably bad one.&nbsp; 
&nbsp;
My client went on to explain that, with kids, having a hot tub is
actually a huge turn-off since it's arguably a safety hazard. Kids can
accidentally get in there if it's not locked, the lid quickly shuts,
and disaster strikes. Kids are naturally curious and busy adults can
easily forget to lock a hot tub. Maybe having to lock a hot tub is just one
more way to complicate one's life? And finally, what
are you supposed to put in place of the hot tub once it's been
removed? I mean, won't there be an ugly indentation on a deck that once
held a hot tub? So if we do decide to remove it, we're hoping the area beneath
the hot tub is level and even rather than sunken in. As far as the
electrical hookups go, that's another potential eyesore but at least
the hookups will be there if anyone wants a hot tub in the
future. 

I
gotta admit, in six years I've never had a buyer get excited about a
hot tub being included in the sale. The usual comment is &quot;I wonder if
they can remove that prior to closing&quot; followed closely by &quot;I wonder what that thing did to the deck - I bet we'll have to redo it&quot;. In only one case
have I ever seen a buyer excited about the prospect of a house already
having a spot for his hot tub (i.e. a concrete pad or separate area of
the deck dedicated to a hot tub). And in that case, the buyer was so
wedded to his own hot tub that he didn't even want the one included in the sale! 

So what do you think about outdoor hot tubs? Are they a selling point or a major turnoff? Are they worth the higher utility bills or nothing more than a maintenance headache? If
you remove one, what do you put in its place? One thing's for sure: remove it and you'll have to strip and re-finish the decking (or expect negative feedback from prospective buyers). In
your opinion, is it preferable to leave the hot tub in place and hope
the next owners are fans or willing to get rid of it - or is it better to have the hot tub removed and not include it in
the sale?

Please log your comments below. We want to hear what you think!

In today's super competitive real estate market, you need marketing
expertise that includes the power and reach of the Internet in addition
to more traditional forms of real estate marketing. Lake &amp; City
Homes gives you the strategic advantage you need to net top dollar now.
Contact us today at (608) 230.5553 to learn how our comprehensive
marketing plan gives you the upper hand regardless of market conditions. Or, fill out a request for a free  market analysis of your home. There's no obligation.

&nbsp;
 ]]> </description>
            <pubDate>Fri, 11 Sep 2009 12:52:54 -0500</pubDate>
                    </item>
        <item>
            <guid>http://www.lakeandcityhomes.com/blog/why-madison-residents-should-be-concerned-about-their-property-assessments.html</guid>
            <link>http://www.lakeandcityhomes.com/blog/why-madison-residents-should-be-concerned-about-their-property-assessments.html</link>
            <author>jolenta@lakeandcityhomes.com (Jolenta Averill)</author>
            <title>Is Your Madison WI Property Assessment Out of Whack?</title>
            <description> <![CDATA[ 
That old joke about how your tax assessor views your property may be more true than you realize... 

In a recent
conversation with City of Madison Assessor's Office I was struck by two things: One, the fact that the office of the City Assessor of Madison does not have unfettered access to the South Central Wisconsin MLS (apparently they they have access to Sold listings but do not have access to Active, Pending and Expired listings). And two (and perhaps more surprising), that in valuing properties for the purpose of determining homeowners' annual property assessments, the City doesn't use
certain recent comparable solds. Which recent comps, you might ask? Well, recent comps deemed by the City to have been &quot;sold under
duress&quot; as in, you guessed it, short sales and foreclosures.

Huh? I had to ask several times before I was convinced I hadn't misunderstood. How exactly is the City able to determine what constitutes duress? Presumably they weren't involved in all these transactions so how can they draw such conclusions? Although advertised short sales or foreclosures might seem like obvious cases of duress, what about a divorce, an estate or an over-eager buyer? And what about market efficiency? Markets intervene to ensure properties go to the highest bidder. Case in point: two weeks ago I got an accepted offer on a Madison West Side REO and it was one of SIX offers they'd received that day. That's the most competition I've ever in securing an accepted offer! (And all we hear is that the market is slow.) But according to the City, that comp won't be used when it comes time to reassess the homes in that neighborhood. Why, when the market is so competitive would such data be discarded? And at what point does the City stop ignoring that data, when there are no more comps left that don't involved duress?? It's not like there's a lot of speculative selling going on these days. I mean it's no secret these days that if you don't have to sell, you're generally not selling.&nbsp; 

While day in and day most Realtors go about their business objectively pricing and selling homes based on recent comparable sales data, why are city administrators valuing properties using incomplete data and subjective thinking? If city workers ignore the lower-priced sales, doesn't that automatically produce higher property assessments despite declining markets? 

To try and better understand all things property tax related, I recently added a page to my Madison WI real estate site about Madison property assessments and mill rates based on information from the City Assessor's Office. There's no mention of the above valuation techniques on the city's website but I'm not making up what they told me. And while I disagree with the City's methodology, I recognize that the job of valuing every piece of residential, commercial and income property (including equipment in the case of office buildings) in the city every year is undoubtedly an extremely difficult task, at best. Still, I'm disturbed by these revelations and thus encourage Madison homeowners to take a long, hard look at their property assessments this April 20th. And if you're curious whether you might have reason to challenge your assessment, give me a call or email me. I'd be happy to run the comps (all of them!) and let you know if the data supports a case for your assessment to be lowered.&nbsp; 
 ]]> </description>
            <pubDate>Mon, 26 Jan 2009 22:14:34 -0600</pubDate>
                    </item>
    </channel>
</rss>
