Bob Bentley

For the week ending July 22, 2009

The average listing price of homes for sale in Madison declined again. There was a .7% decrease from $253,599 last week to $251,914 this week. The median sales price for the quarter increased from 192,800 last week to $194,000 this week. There are currently 2466 homes for sale in Madison compared to last week of 2512.

Bob
608-235-6701

bob@bentleyrealtygroup.net
www.bentleyrealtygroup.net

Bentley Realty Group is Your Clear Choice in Madison Area Real Estate!

The real estate market data provided was obtained from Trulia.com Information is deemed reliable, but not guaranteed.

Below is an excerpt from the July 27, 2009 Wisconsin State Journal

By KAREN RIVEDAL Wisconsin State Journal

Dane County home sales in June didn’t mirror the healthy 11 percent increase seen nationally, though the price decline was similar.

The South Central Wisconsin MLS reported 666 home and condominium sales in Dane County in June, compared with 743 in June 2008, for a decline of about 10 percent. From January through June this year, there were 2,338 sales in Dane County, compared with 2,800 in the same period last year, for a decline of 16.5 percent.

Meanwhile, the average sale price in Dane County in June was $222,257, a decline of 12 percent from a year ago, and the median sale price was $200,000, a drop of 9 percent in the past year.

Bob
608-235-6701

bob@bentleyrealtygroup.net
www.bentleyrealtygroup.net

Bentley Realty Group is Your Clear Choice in Madison Area Real Estate!

When interviewing a home inspector, ask the inspector what type of report format he or she provides. There are many styles of reports used by property inspectors, including the checklist, computer generated using inspection programs, and the narrative style.

Some reports are delivered on site and some may take as few days for delivery. All reporting systems have pros and cons.

The most important issue with an inspection report is the descriptions given for each item or component. A report that indicates the condition as "Good", "Fair" or "Poor" without a detailed explanation is vague and can be easily misinterpreted.

An example of a vague condition would be: Kitchen Sink: Condition - Good, Fair, or Poor.

None of these descriptions gives the homeowner an idea what is wrong. Does the sink have a cosmetic problem? Does the home have a plumbing problem? A good report should supply you with descriptive information on the condition of the site and home.

An example of a descriptive condition is: Kitchen sink: Condition - Minor wear, heavy wear, damaged, rust stains, or chips in enamel finish. Recommend sealing sink at counter top.

As you can see, this narrative description includes a recommendation for repair. Narrative reports without recommendations for repairing deficient items may be difficult to comprehend, should your knowledge of construction be limited.

Take the time and become familiar with your report. Should the report have a legend, key, symbols or icons, read and understand them thoroughly. The more information provided about the site and home, the easier to understand the overall condition.

At the end of the inspection your inspector may provide a summary with a question and answer period. Use this opportunity to ask questions regarding terms or conditions that you may not be familiar with. A good inspector should be able to explain the answers to your questions. If for some reason a question cannot be answered at the time of the inspection, the inspector should research the question and obtain the answer for you. For instance, if the inspector's report states that the concrete foundation has common cracks, be sure to ask, "Why are they common?" The answer you should receive will be along these lines: common cracks are usually due to normal concrete curing and or shrinkage. The inspector's knowledge and experience is how the size and characteristics of the cracking is determined.

We recommend that you accompany your inspector through the entire inspection if possible. This helps you to understand the condition of the home and the details of the report.

Read the report completely and understand the condition of the home you are about to purchase. After all, it is most likely one of the largest investments you will ever make.

Bob
608-235-6701

bob@bentleyrealtygroup.net
www.bentleyrealtygroup.net

Bentley Realty Group is Your Clear Choice in Madison Area Real Estate!

For the week ending July 15, 2009

The average listing price of homes for sale in Verona made a slight increase last week, increasing by .9% from $413,611 last week to $417,392 this week. The median sales price increased a bit from $249,900 last quarter to $264,500 this quarter. There are currently 344 homes for sale in Verona compared to 338 last week.

Bob
608-235-6701

bob@bentleyrealtygroup.net
www.bentleyrealtygroup.net

Bentley Realty Group is Your Clear Choice in Madison Area Real Estate!

The real estate market data provided was obtained from Trulia.com Information is deemed reliable, but not guaranteed.

For the week ending July 15, 2009

The average listing price of homes for sale in Madison remained consistent with a slight decrease of .6% from $255,088 last week to $253,599 this week. The median sales price for the quarter increased a bit from $192,100 last week to $192,800 this week. There are currently 2512 homes for sale in Madison compared to last week of 2500.

Bob
608-235-6701

bob@bentleyrealtygroup.net
www.bentleyrealtygroup.net

Bentley Realty Group is Your Clear Choice in Madison Area Real Estate!

The real estate market data provided was obtained from Trulia.com Information is deemed reliable, but not guaranteed.