Your REALTOR® can recommend home repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® acts as the marketing coordinator, disbursing information about your property through a variety of mediums - placing strategic property ads, holding open houses, using the MLS - only available to REALTORS® - to quickly reach a large number of home buyers, as well as networking with other REALTORS® and business contacts.
Homeowners are winners under the Taxpayer Relief Act of 1997. Under the new law, up to $250,000 ($500,000 for a married couple filing a joint return) of gain realized on the sale or exchange of a principal residence is not taxable - not just deferred. In addition, the new law reduced the capital gains tax rate. Any gain from your home sale in excess of $250,000/$500,000 is taxed at the new lower rate.
Homeowners qualify for this tax exclusion if two requirements are met:
If you are selling your home, you should contact a tax advisor for details on how this new law applies to your sale.
Holiday Parade
Friday, December 4th 6:30pm
The Holiday Parade steps off at 6:30pm heading east from Marathon Park along Stewart Avenue and ending at the City Square in downtown Wausau. Afterwards, join the festivities at the Great Hall, featuring hot chocolate, cookies and a visit with Santa.
Marathon County, WI
The statistics below provide information on the number of home sales and median sales price over a period of time.
| Number of Home Sales | |||||
| Q1 | Q2 | Q3 | Q4 | Year End | |
| 1998 | 183 | 290 | 279 | 310 | 1062 |
| 1999 | 202 | 382 | 324 | 225 | 1133 |
| 2000 | 197 | 333 | 327 | 236 | 1093 |
| 2001 | 194 | 317 | 338 | 238 | 1087 |
| 2002 | 223 | 357 | 358 | 265 | 1203 |
| 2003 | 232 | 443 | 430 | 265 | 1370 |
| 2004 | 217 | 427 | 449 | 289 | 1382 |
| 2005 | 242 | 465 | 458 | 320 | 1485 |
| 2006 | 294 | 455 | 389 | 326 | 1464 |
| 2007 | 272 | 447 | 419 | 293 | 1431 |
| 2008 | 190 | 368 | 356 | 234 | 1148 |
| 2009 | 196 | 302 | 331 |
| Median Price | |||||
| Q1 | Q2 | Q3 | Q4 | Year End | |
| 1998 | $93,500 | $97,200 | $97,800 | $87,800 | $94,300 |
| 1999 | $88,100 | $97,100 | $96,800 | $98,800 | $96,000 |
| 2000 | $100,300 | $104,700 | $112,500 | $102,300 | $106,000 |
| 2001 | $104,000 | $103,300 | $105,000 | $108,000 | $105,000 |
| 2002 | $108,000 | $114,700 | $114,700 | $110,700 | $112,500 |
| 2003 | $115,400 | $109,500 | $118,700 | $122,100 | $116,000 |
| 2004 | $118,600 | $121,200 | $127,500 | $124,300 | $123,500 |
| 2005 | $118,500 | $127,700 | $134,700 | $132,900 | $130,000 |
| 2006 | $130,000 | $133,700 | $138,800 | $132,000 | $133,700 |
| 2007 | $134,700 | $134,300 | $138,600 | $131,100 | $135,400 |
| 2008 | $132,000 | $124,600 | $138,600 | $134,000 | $132,300 |
| 2009 | $122,900 | $125,500 | $126,200 | $ |
Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit
Question: Existing homeowner credit: Must the new house cost more than the old house? Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit. Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit? Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement. Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit? Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phaseout range). Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit? Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling. Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests? Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility. Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me? Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.
Wausau WI. Real Estate Information That Is Straightforward, Honest And To The Point. YOUR NEEDS ARE ALWAYS MY #1 PRIORITY
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