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Archive for the ‘Virginia Real Estate News’ Category

The new landmark transportation law was passed by the Virginia General Assembly to raise new revenue to fund transportation initiatives across the Commonwealth (HB 2313). This law is effective July 1, 2013.

Among the increase in sales, use and fuel taxes is an increase in the grantor’s tax, or that tax imposed on transferors of real estate located in the Commonwealth of Virginia
However, the increased tax is only applicable to certain geographic areas.
Specifically, the tax will be imposed on properties located in:

  • Arlington County VA
  • Fairfax County VA
  • Loudoun County VA
  • Prince William County VA
  • City of Alexandria VA
  • City of Fairfax VA
  • City of Falls Church VA
  • Cities of Manassas VA and Manassas Park VA
  • Town of Dumfries VA
  • Town of Herndon VA
  • Town of Leesburg VA
  • Town of Purcellville VA
  • Town of Vienna VA
  • Additionally, certain counties and cities in the Hampton Roads area will also be subject to the increased tax.

The current tax imposed is .10/$100 of the sales price or fair market value, whichever is higher.

As of July 1, 2013, the tax is increased to .25/$100 (or $2.50/$1,000). This represents a 150% increase in the grantor’s tax.
For example, on a $400,000 sale, the tax is increased from $400 to $1,000.

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Mortgage rates held steady for the most part the week ending October 11, 2012, remaining near all-time record lows set the previous week, Freddie Mac reported in its weekly market survey.
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Real Trends 500 ranked NRT LLC #1 Residential Real Estate Company in the U.S. for 15 consecutive years – ranked by Closed Sales Volume for 2011. NRT and Coldwell Banker Residential Brokerage is #1 real estate company with the Highest $$$ volume of sales and #1 real estate company with the lowest average days on the market.

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Contact Vivianne Rutkowski for a professional real estate representation:

Vivianne.Rutkowski@cbmove.com; VivianneRutkowski@gmail.com;

540-229-5429

http://www.cbmove.com/Vivianne.Rutkowski

http://www.RealtorVivianneRutkowski.com

Watch the video:

http://www.youtube.com/watch?feature=endscreen&NR=1&v=ihWmTChfPa4

Real Trends 500 ranks NRT LLC #1 Residential Real Estate Company in the U.S. for 15 consecutive years.

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Prince William County in Virginia has been ranked No. 8 among counties nationwide for job growth from 2000 – 2011 according to CNN Money.

During that time period, according to CNN Money, Prince William County, VA, experienced a job growth rate of over 48 percent, with the growth rate increasing more than eight percent between 2010 and 2011. The ranking is featured in the magazine’s annual “Where the Jobs Are” list which placed Prince William County at No. 13 in 2011. (more…)

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The Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012 has been signed into law. The Act includes a number of changes to the Department of Veterans Affairs’ (VA) Loan Guaranty program, including reverting back to the previous method of calculating maximum guaranty. This resulted in some loan limits increasing.

While VA does not have a maximum loan amount, the following county “limits” must be used to calculate VA’s maximum guaranty amount for a particular county. These limits apply to all VA loans closed August 6, 2012 through December 31, 2012. (more…)

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Money Magazine published its annual “Best Places to Live” list.

In 2012, Carmel, IN, took first place overall on the 100 top places list, with Reston, VA, topping the list locally at No. 7, followed by Centreville, VA, at No. 17. Four Maryland localities were ranked in the top 25.  Ashburn, VA, ranked No. 30 overall and No. 6 on the “Top-Earning Towns” list.

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Bethesda, MD, took the top prize for MEDIAN FAMILY INCOME with $184,606.  Ashburn, VA, 6th-place median family income averaged $146,093. The only other area in the region on the income list was Arlington, VA, with $132,580. (more…)

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Northern Virginia Public Schools: https://viviannerutkowski.wordpress.com/category/2-re-buyer-resources/nova-schools/

Directs links to Public Schools in  Fairfax County VA, Loudoun County VA, Prince William County VA, Arlington County VA, Fauquier County VA: http://www.realtorviviannerutkowski.com/schoolinfo.shtml

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Living in a high-scoring public school district can raise home values up to $205,000 higher compared to homes located in neighborhoods with low-scoring school districts, according to a new study by Brookings Institute. Brookings analyzed the nation’s 100 largest metro areas to find the differences between living near a high-scoring public school and a low-performing school.

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“We think of public education as being free, and we think of the main divide in education between public and private schools,” Jonathan Rothwell, a senior research analyst at Brookings, told The New York Times. “But it turns out that it’s actually very expensive to enroll your children in a high-scoring public school.” The cost of living in a high-scoring public neighborhood can be higher than paying a private tuition at a school, researchers noted.

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Housing costs near high-scoring schools — those in the top one-fifth of schools in the area — were 2.4 times higher on average, or $11,000 more per year, than homes located in school districts in the bottom fifth, the study found.

Some of the areas with the largest differences in housing costs also have the widest gaps in school test scores,” reports CNNMoney about the study’s findings.

Students from low-income families — classified as those who are eligible for free or reduced-price school lunches — were found to be more likely to attend schools that score in the 42nd percentile on state tests, according to Brookings Institute. On the other hand, students from middle- to high-income households, on average, tend to attend schools that score in the 61st percentile.

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SOURCE: Brookings Institute; “Test Scores and Housing Costs” The New York Times;  “Living Near Good Schools will Cost an Extra $200k” CNNMoney; REALTOR Magazine; Vivianne Rutkowski

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