Posts Tagged ‘roanoke real estate’

Budget Situation in Virginia is Dire!

February 19th, 2010 The Wilson Team Comments off

I just returned last night from a lobbying trip to Richmond for the Roanoke Valley Association of REALTORS. After hearing the briefings from our state lobbyists and talking with several of our local legislators, it is obvious that Virginia and all the localities are is for a very tough time. The words that were used by the legislators were: “tsunami”, “catastrophe”, “massacre”, etc. Gov. McDonnel issued his proposed cuts to the budget on Wednesday and it was as devastating as expected. There were numbers being thrown around of 25-50,000 teachers being laid off, medicaid cuts (which doesn’t make a lot of sense, since there are matching dollar form the federal government for these funds), furloughing state employees 5 days per year, more cuts to the higher education centers that help the more rural areas without multiple universites (like Richmond), and so on and so on and so on!
There are no proposals for increasing state funding (read that as taxes) since the Govenor and many of the legilators used the “No Tax” pledge in their campaigns. It seems that we can fund re-opening of rest stops(another campaign pledge), but not school breakfasts. If you would like to see a list of all the proposed cuts, you can read them here from an article in the Washington Post.
With the “no tax” pledges that have been used in many campaigns, there is no real and lasting solution to the budget crisis. And, yes, it is a crisis.
The consensus from the Democrats in Richmond that we talked with was that tax increases are the only way to get out of this mess. The Republicans continue to propose cuts in spending and hoping that the economy will improve. I don’t know which group is right, but it would be nice if our legislators would worry more about the citizens of Virginia than just their re-election campaigns and try a little bi-partisanship to look at solutions to this problem. Oh well, maybe the state should just buy more of its own lottery tickets!

….and you think homes are expensive in Roanoke?

January 15th, 2010 The Wilson Team Comments off

‘Skinniest House’ Sells for $2.1 million
A property dubbed New York City’s skinniest house sold recently for $2.1 million.The two-story Greenwich Village property is 9.5 feet wide and 42 feet long and has two bedrooms and two baths. The townhouse was listed last August for $2.7 million by Alex Nicholas, senior vice president of the Corcoran Group. It last sold in 2000 for $1.6 million. It is now for rent for $10,000 per month.  Source: The Associated Press (01/13/2010)

For this price you can buy 10 average homes in Roanoke and have money left over for things like food, electricity, etc.  Based on our average home, you could have thirty bedrooms, 20 baths, and probably 30 garage spaces.  I think I would much rather live in Roanoke anyway.   See the post below!

Real Estate Investors Returning to Market

January 7th, 2010 The Wilson Team Comments off

According to this article by Broderick Perkins on Realty Times, Savvy investors are always the first to jump in a potentially profitable housing market and a new survey indicates things are heating up.
More than 12 percent of homebuyers today plan to purchase a home as an investment, compared to less than half, only 5.6 percent, just seven months ago,…..More

Sad News – Prominent Roanoke Real Estate Lawyer Passes

December 30th, 2009 The Wilson Team Comments off

It is with a heavy heart that I let everyone know that Ed Natt has finally lost his battle with cancer. He passed away last night around 9:15pm after a long and ardous fight against cancer. He was a friend, neighbor, and outstanding attorney who always had a smile on his face. There was a great article in the Roanoke Times recently about Ed’s life. Click Here
He will be sadly missed. Please keep his family in your prayers.

Another Big Gain in Existing Home Sales

December 22nd, 2009 The Wilson Team Comments off

Existing-home sales rose again in November as first-time buyers rushed to close sales before the original Nov. 30 deadline for the recently extended and expanded tax credit, according to the NATIONAL ASSOCIATION OF REALTORS®. More…

IRS Publishes Answers about the Homebuyer Tax Credit

December 9th, 2009 The Wilson Team Comments off

The IRS has recently published clarifications of the Homebuyer Tax Credit. This article explains some of the gray areas in the law. There is also a great Q&A section that goes through some scenarios that help clarify even more.

VHDA Extends 1st time Homebuyer help for Roanoke Buyers

December 9th, 2009 The Wilson Team Comments off

The Virginia Housing Development Authority has extended its Homebuyer Tax Credit Plus program to match the deadlines of the Federal First-Time Homebuyers Tax Credit. VHDA’s program lets borrowers take advantage of the tax credit to finance down payment and closing costs up to 5% of the sales price, using a second mortgage. Here is a link to information on their program. For more info, give us a call at 540-330-8000.

Have We Hit The Bottom Yet in Roanoke Home Sales?

December 3rd, 2009 The Wilson Team Comments off

According to a recent article in REALTOR Magazine, Lawrence Yun, Chief economist of the National Association of REALTORS states, “It’s been a long time coming, but thanks largely to strengthening housing markets, the country is pulling out of the recession.” He goes on to to speak about the recession and hopefully better economic conditions ahead. This article was in the November/December issue and had a couple of very interesting graphs showing Home Sales and Business Confidence. more …

New homebuyer tax credit helps Roanoke home buyers

December 3rd, 2009 The Wilson Team Comments off

The Unemployment Insurance bill including the homebuyer tax credit extension and expansion has passed the House by a vote of 403-12 after passing the Senate last night 98-0. President Obama signed off on this bill this afternoon. Right click this link and select “Save target as…” to download a chart explaining the difference between this credit and the one that expired on November 30.

The bill extends the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before April 30, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.more…