Wednesday, September 15, 2010

New Listings
MLS# 1605916 - 1118 Harmon Ct, Sun Prairie - 4 bed/2 bath - $179,900 - Jerod Bennett
MLS# 1605989 - 1651 White Ave, Beloit - 2 bed/1 bath - $59,900 - Archie Dean
MLS#1605994 - 507 Melody Ln, Verona - 3 bed/2 bath - $224,900 - Charley Quirt


New Accepted Offers
MLS# 1593383 - 2609 MdDivitt Rd, Madison - Kara Thomas


New MLS Statistical Graphs Available
The MLS is now publishing four new statistical graphs as part of a monthly composite of statistics. The new graphs track the number sales, the median sale price, total inventory, and the month's supply of inventory by month for the last two years for Dane County and for the combined eight-county South Central Wisconsin MLS region. The statistical composite also includes a statistical narrative, monthly and year-to-date sales figures and sales by price range and bedrooms. You can find this Monthly Statistical Reports icon on the right panel of the www.scwmls.com home page.


Madison on List of Strong Performers
Madison is one of the top 20 strongest performing of the nation’s 100 largest metropolitan areas, according to the second quarter 2010 report by the Brookings Institution in Washington, D.C.


It ranks the Madison area’s 5.9 percent jobless rate third-lowest in the nation and significantly lower than the U.S. average of 9.6 percent. But the report, MetroMonitor, says the number of people working in metro Madison is still 3.9 percent below the level during the peak of employment at the end of 2005.


The study also shows the gross metropolitan product, or total value of goods and services produced in this area, is up 1.4 percent from its peak in the second quarter of 2008 while housing prices fell 11.5 percent from their highest level, at the end of 2006.


WRA Legal Hot Tip
Q. The broker received a counter-offer in which the agent put, “Commission to be based on sale price minus credit.” This is a property where the buyer is asking for a $2,500 credit toward closing costs. Is this appropriate?


A. The MLS commission will be based upon the gross sales price unless the brokers have expressly agreed otherwise. If another arrangement were contemplated, an agreement would have to be entered into between the brokers (i.e., standing policy letter or compensation agreement, signed by both MLS Participants, or an agreement for the individual transaction).


Pursuant to the Code of Ethics, specifically Standard of Practice 16-16 under Article 16, REALTORS® may not use the terms of an offer to purchase to attempt to modify the listing broker’s offer of compensation to other brokers. The MLS offer of compensation is between the MLS Participants (brokers) and is stated either as a dollar amount of commission or as a percentage (%) of the gross sale price. If the listing broker wants to modify the MLS offer of compensation, the agreement of the cooperating broker would be necessary. This agreement would be documented, preferably in writing, between the two MLS Participants. It is not a matter to be negotiated in an offer to purchase because the brokers are not parties to the offer to purchase.