In accordance with new laws passed by the Virginia General Assembly in 2010, the Virginia Real Estate Board (VREB) has updated the Residential Property Disclosure Statement to reflect a statutory notice requirement concerning wastewater systems. Please use the new form beginning July 1, 2010.
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Driven to take advantage of the homebuyer tax credit before it expired on April 30, buyers sent the pending home sales index soaring in April, according to NAR.
Touting the results of the homebuyer tax credit, NAR's chief economist Lawrence Yun said:
The annual convention for Virginia Realtors, The REal Show will be held October 1-3 at the Virginia Beach Convention Center. Featured speakers will include legendary Washington Redskins quarterback JoeTheismann and Richard Bitner, managing editor of Housing Wire.
State officials are negotiating for lower proposed tolls with Elizabeth River Crossings, a private group that wants to expand the Midtown Tunnel. Officials put the cost of adding a second tube to the Midtown Tunnel, refurbishing the Downtown Tunnel and extending the Martin Luther King Freeway at an estimated cost of $1.9 billion. Transportation officials say the proposed construction would fix two of the region's worst traffic bottlenecks.
The Fairfax County School Board passed a $2.2 billion spending plan, $35 million less than the current budget. The plan includes nearly $200 million in budget reductions and cost avoidances, including the elimination of 204.3 positions, nearly half of which are from central offices. Spending per pupil decreased by approximately $300 from last year.
Signs pointing to economic improvement in Danville include an uptick in building permits and retail sales tracking slightly higher than average for Virginia. That's good news for a city burdened by high unemployment -- 14.6% in March.
As the overall economy improves, homeowners can expect house prices to stabilize as more people look to buy homes.
Read more in the Danville News....
Realtors® are in business to make money, not give it away. So, why do they pay dues year-after-year?
Get the real answers online in VAR’s 2010-11 Member Guidebook. This year’s Guide is one-stop resource for answers on the real return on Realtor® dues. Visit www.VARealtor.com/MemberBenefits to access the Guide as an e-book today.
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Being a Realtor®….
The risk of a Virginia home losing value over the next two years is dropping as the economy improves, according to the latest PMI Market Risk Index report. The report doesn't discuss how much a home's value could change -- only the likelihood that in two years it will be worth more or less than it is today. The Market Risk Index is historically about 80% accurate.
Researchers calculated the risk using factors such as unemployment rates, housing affordability, and past price appreciation.