Wausau, WI Real Estate News

By Tim Hagedorn
(yourChoiceRealty.net)
Free Bank Owned Foreclosures. Hurry Get Your List Before They are Sold! Just drop me a email and I will put you on mailing list. I also can put you short sales list from owner who have there houses on the market.  Just email exttim@aol.com   RE/MAX OF WAUSAU  Tim Hagedorn
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By Tim Hagedorn
(yourChoiceRealty.net)
. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?   A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the...
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  1.    What's this new homebuyer tax incentive for 2009? The 2008 $7500, repayable credit is increased to $8000 and the repayment feature is eliminated for 2009 purchasers.  Any home that is purchased for $80,000 or more qualifies for the full $8000 amount. If the house costs less than $80,000, the credit will be 10% of the cost.  Thus, if an individual purchased a home for $75,000, the credit would be $7500.    It is available for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009.    2.   Who is eligible? Only first-time homebuyers are eligible.  A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the 2009 purchase.  3.   How does a tax credit work? Every ...
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By Tim Hagedorn
(yourChoiceRealty.net)
First-time buyers have helped spark a modest comeback for the housing market. Spurred by incentives like the $8,000 tax credit, first-time buyers now make up 4o percent of all home purchases, according to the National Association of Realtors® . With the credit expiring in the coming months, talks of postponing the expiration date and expanding the credit to $15,000 have begun.                     Details So, the tax credit for home buyers that was first introduced in July of 2008 and expanded this last February is being discussed again in Congress. There has been a few suggestions in how to reform it.  I'd say the least controversial, and the reform I'd stand the most behind is extending the tax credit until 2010.  However, I'd want them to wait to do so until the last moment.  My reaso...
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By Tim Hagedorn
(yourChoiceRealty.net)
In general, you can claim the credit if you are a first-time homebuyer. You are considered a first-time buyer if : You purchased you main home located in the United States after April 8, 2008, and before December 1, 2009. You (and your spouse if married) did not own any other main home during the 3 -year period ending on the date of purchase. If you constructed your main home, you are treated as having purchased it on the date you first occupied it. Main home .  Your main home is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative, condominium, or other type of residence.
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By Tim Hagedorn
(yourChoiceRealty.net)
To claim the credit on your 2008 taxes, you must file and amendment to your 2008 return. To do this you will need two forms: Form 1040X for filing an amended return;and form 5405 for the home buyer tax credit. I had just went to local tax accountant and only charge me $30.00 and took only minutes to fill out.
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By Tim Hagedorn
(yourChoiceRealty.net)
Applying the Home Buyer Tax Credit to Your 2008 Return To claim the credit on your 2008 taxes, you must file an amendment to your 2008 return. To do this you will need two forms: Form 1040X (PDF 365K ) for filing an amended return; and Form 5405 (PDF 257K) for the home buyer tax credit. You can visit the IRS site using the links, print out, and fill in the forms manually or type into the forms and save them on your computer. Be aware, though, that the 1040X tax form can only be filed in hard copy, and cannot be submitted electronically. First, fill out Form 5405 using the instructions in Determining the Amount of Your Home Buyer Tax Credit.  Then fill out Form 1040X.On the 1040X you'll find a section called "Payments." Look for Line 15, "Credits." On this line you have three columns. On...
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By Tim Hagedorn
(yourChoiceRealty.net)
1. Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home--although it's capped at $8,000--and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid. 2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home--but not a principal residence--within the past three years, you would still qualify for the credi...
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By Tim Hagedorn
(yourChoiceRealty.net)
Q.  Listing and the sellers are getting a divorce. Both husband and wife signed the listing contract. Now wife wants a price reduction and signed an amendment to the listing. Husband does not return phone calls and has moved. Is it all right to put the price reduction through with only one signature? A. Since both parties signed the listing contract, both are Caller's clients. Both spouses must be provided any and all information, and both must sign any amendments to the listing contract, including an amendment for a price reduction. Perhaps the divorce attorneys representing each spouse can help in getting this resolved.   Tim Hagedorn www.thagedornrealtor.com
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Per contract, buyer has a home inspection done. Home inspector says "furnace is suspect." Offer calls for buyer to pay for any inspections. Buyer comes to seller and asks seller to have a "furnace man" inspect the furnace. Keeping in mind that the buyer agreed, in writing, to pay for inspections, is the seller obligated to pay for any furnace inspection? A. The 1999 WB-11 Residential Offer to Purchase standard inspection contingency language states: "Buyer shall order the inspection and be responsible for all costs of inspection, including any inspections required by lender or as follow-up inspections to the home inspection." (See WB-11, lines 304-305). Therefore, unless the parties agree to amend the terms of the offer, buyer will be responsible for inspection costs.  
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By Tim Hagedorn
(yourChoiceRealty.net)
Hello Everybody Well the last three months of 2008 was very slow. The phones in are office where not ringing for showings and the agents had no buyers. For the Wausau Area I sure that had to be one the slowest last quarters in recent years. The good news is that after we came to work after the New Year the phones starting ringing again and mood in the office is great. We have a long ways to go , but I think we have seen the worst and 2009 will be a good year for the Wausau WI. area. Agents are out showing houses and everbody in are office is busy.  The buyers are stilling looking for deals. We are still heavy in inventory which translate for sellers , you better price your home very aggressive to beat out the competition. The best price houses are the one selling. If you are not commite...
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By Tim Hagedorn
(yourChoiceRealty.net)
 (Private Wells)Drinking a glass of water is usually considered a healthy activity, but on occasion, mediacoverage of water quality issues has made many people think twice before filling a glassfrom the tap. In one recent example, the EPA proposed to reduce the maximum allowableamount of arsenic in public water systems from 50 parts per billion (ppb) to 10 ppb by2006. More recent EPA reports suggest that the safe level for arsenic may be three (3)ppb. While high arsenic levels are rarely an issue for public water supplies, they are morecommon in private wellsThe truth is that no water is naturally pure, not even bottled water. In nature, watercollects impurities from everything it touches as it flows in streams, sits in lakes andfilters through layers of soil and rock in the ground. Som...
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By Tim Hagedorn
(yourChoiceRealty.net)
   Population:36,945Population Growth:-3.7%Residents per square mile Population Density: 2,244 Median Age:38 yearsMedian Income:$41,101100 = national average, 110 = 10% more expensive Cost of Living Index: 85January Avg Temp:7°F July Avg Temp:83°F Sunny Days:186Precipitation Days:100Rainfall (inches):32Snowfall (inches):54Wausau Demographics    Wausau Jobs and Politics  Unemployment Rate:3.6%Recent Job Growth:-1.2%Future Job Growth:-3.2%Democrat:45.4%Republican:53.4%Independent (others):1.1%
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By Ron Zahrt, ABR, CRB, CRS, GRI, ePro
(First Weber Group)
While much of the country is talking about housing woes.  Wausau WI area sales have remained quite brisk for 2007.  Our listing inventory is just up from a year ago and we are within 70 units sold from last year with over 1500 home sales reported in the Wausau Area.  In 2006 through December 11, 2006  there were 1578 homes sold with an average sale price of $149,153.  This year there have been 1504 single family home sales with an average sale price of $147,096.  Our economy remains good and the outlook for 2008 is excellent for the Wausau area and Central Wisconsin.
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