Bill Mews

The Wisconsin Realtor's Association released their latest numbers for home sales and prices on Tuesday. Unfortunately, for sellers, the news was mixed. The report showed that sales in the state dropped almost 17% and average prices were down just over 5% for the same period last year. This is compared to almost down 8% for sales and down 9% for prices nationally. So compared to nationwide averages, home sales were slower and prices dropped less in Wisconsin.

For buyers it means that there are still a lot of properties available but prices aren't dropping as fast here as compared to the rest of the country. Many buyers seem to be waiting until spring before deciding on whether to buy or not. Much of this hesitation seems to be coming from the uncertainty of employment as rates are still low.

You can read the entire article at: http://www.jsonline.com/business/34684679.html

The Richfield Village Board is going to be considering a request for annexation this Thursday from the property owners of a 46-acre area currently in the Town of Polk. The Town of Polk recently denied the request from the owners for the Town to maintain the private road serving the businesses.

Richfield Administrator Toby Cotter reported that the fair market value of the business park properties is about $13.8 million. If approved, Richfield will pay Polk a little over $10,000 for each of the next five year as compensation. In return, Cotter estimates that Richfield will received approximately $21,000 in tax revenue. Richfield will also then be responsible for maintenance of the road.

You can read the entire article on the Milwaukee Journal Sentinel website at: http://www.jsonline.com/newswatch/34599174.html

I was out with a client on Saturday looking at investment properties (condos that can be rented out) near downtown Milwaukee. We found a number of potential properties, that based on information obtained from the listing agent, could very easily have positive cash flow if rented out. Today, I did quick market analyses on three different condo buildings that we were in found the following: prices have come down even more in the last 12 months and there is a great opportunity for someone with some extra cash that would like to get into some investment properties for a small amount. We found condos anywhere from $55,000 up to $150,000 that would make great rentals.

Another opportunity for investment are properties that are near colleges or universities. Those areas have a steady stream of potential renters and with prices as low as they are, they make an excellent buy.

I would also suggest that you (as a buyer) sign a buyer agency agreement with a Realtor. They will be able to easily pull comparable information about other units in the building/area, help negotiate the purchase and make sure that you get the best possible terms.

The Milwaukee Journal Sentinel had a story in Saturday's paper about school tax levy increases around the five county Milwaukee area. The Norway School District in Racine County is showing the largest increase at 22.9%. The Merton School District in Waukesha is reporting a 4.4% drop in levies. The drop in Merton is attributed to a debt obligation that was retired this year.

The article goes on to try to explain why some districts have larger increases and others don't. It also says that very often large increases one year are followed up by small increases the following. In other words, a resident or potential resident, concerned with school tax levies as part of their overal property tax bill, needs to look at the whole picture and not just the overall increase.

You can read the entire article here: http://www.jsonline.com/news/education/34129639.html

RE/MAX Realty 100 has a history of working with charitable organizations - The Susan B Komen for the Cure, Children's Miracle Network, Al's Run, Coats for Kids as well as others. As we enter into the winter months, RE/MAX Realty 100 has now partnered with the Hunger Task Force of Milwaukee to collect monetary and food donations to help those less fortunate this holiday season.