Read without ads and support Scribd by becoming a Scribd Premium Reader.
See Premium Plans
 
 
Future of Real Estate Market in Wisconsin
Compared to July 2011, home sales in the
Beloit, Wisconsin real estate
 haverisen by 17 per cent in 2012, indicating that the market is recovering. Accordingto the Wisconsin Realtors Association, the median price of a home showed anincrease for the fifth month in a row. Even though the national economicrecovery did not live up to expectations, Wisconsin home sales have managed tobounce back during the past year.Compared to July 2011 when around 5,100 homes were sold, in July 2012 a littleover 6,000 were sold. Median prices were up 2%, in spite of high inventories of homes for sale. Low interest rates and property prices are the main attraction forconsumers. Most of these have been first time home buyers. The industry isviewing this as a good sign with hope for recovery in the future. The hope is on aconservative level, though, because of the inventory of homes in the market,along with a number of foreclosure properties that tend to drag down the pricesof homes.Usually, sales and prices over the summer months offer the best pictureregarding forecasting the future trend of the real estate market.Another major factor is the Fiscal Cliff crisis that was recently resolved. TheNational Association of Realtors has come up with a list of how this bill impactshousing. Briefly, here is the gist:
 
Mortgage cancellation relief is available until Jan 1, 2014.
 
Taxpayers who make less than $110,000 have been given an extension onthe deduction for mortgage insurance premiums with retrospective effect from 2012.
 
Those homeowners remodelling their homes will enjoy the 10% energyefficiency tax credit until 2013.
 
For those making $400,000 (for joint tax filers this is $450,000) the capitalgains tax is steady at 15% and the $250/$500k exclusion for the sale of aprincipal residence is still valid.
 
Estate tax exemption has been announced for the first $5 million inindividual estates and $10 million for family estates. Beyond this limit thetax will be 40%, which is a 5% increase.
Search
Search History:
Searching...
Result 00 of 00
00 results for result for
  • p.
    • Notes
    Load more