From U.S. News & World Report: “Virginia- This state is not just ‘purple’ in its voting patterns. Like blue states such as Massachusetts, it mixes the highly educated workforce and technological sophistication. And like red states such as Texas, Virginia is known for its low taxes. This state boasts the highest number of information technology jobs in non-IT industries as a total share of jobs, which indicates that Virginia’s businesses are more technologically advanced than businesses in other states.”

Stay put, Virginians.

We’ll start with some assumptions.  We’ll assume that a couple makes $100000 a year, and they are moving to New York City.  In order to maintain their Blacksburg lifestyle in New York City, they’d need to make $216000 a year, a significant increase.  And everything costs more, as well – groceries and utilities are 50% more, while housing can be had for an astonishing 270% more!

Or, perhaps you’re moving into the New River Valley and want to see how things compare to your current location of, say, Washington DC. Assuming a $100000 lifestyle in Washington DC, a couple would need to make $74000 here in the New River Valley – and daily needs like groceries and housing are cheaper, as well.

Check out the calculator – how does the New River Valley stack up to your area?

H/T to AgentGenius.com for the link.

• Indoor cafe to seat 45 people
• A new specialty foods department with five chefs and a bistro. Breakfast, lunch and dinner will be served.
• An olive bar and sushi island
• Expanded organic produce area
• A permanent demo-grilling station in the meat department
• A walk-in wine cellar
• A pharmacy drive-through
• Eight U-Scan checkouts, along with traditional checkout counters

I had heard that it’ll be the largest Kroger in the Commonwealth of VA – anyone know if that’s true?

Just thought that was neat.  Carry on.

I’m dealing with this situation now – I’m working with clients from Nevada, and we spent the last three weeks negotiating on a great home here in Blacksburg.  This one’s going to be a great home for them, I think, but it took a while for them to work through the fact that their market in Nevada is much, much different than our market here.  When we made the initial offer, they made it as if they were in Nevada and the seller immediately rejected it.  After working through the data, and having subsequent offers consistently rebuffed, they finally got it at a price that we anticipated we’d get it for all along.

It’s a good price, on a great home, in a fantastic neighborhood … and a part of the whole picture, but not reflective of the whole picture.

Blacksburg VA events can be found here

Christiansburg VA events can be found here

Additionally, NRVNews.com is covering some of the events happening all around the New River Valley.

Enjoy your 4th of July, everyone!

The idea is pretty simple, and one that I am not ashamed to say that I copied from The Bloodhounds, as well as Mariana and Jim.  Real estate signs traditionally all look the same, and too often are used as reasons to call the agent to find out anything of value about the house.  Sure, we can say more about the house through the use of flyers, but IF a buyer pulls up and grabs a flyer who knows what condition that flyer is going to be in, whether the information is correct, or if there are any flyers at all!  I wanted my new real estate signs to be more about the house, and I think this first iteration has done just that.

Think of these new signs as one big flyer.  The price is at the very top, in bold numbers so it’s easy to see as you’re driving by.  At the bottom is my contact information, if someone wants to call to find out even more.  And the main part of the sign is the static brochure – full
of information about the house, with professional real estate photos done by Sean Shannon Photography.  The signs are going out now, and already sellers are saying they’re seeing more brake lights as people drive by – that’s the kind of instant feedback I like to hear!  Oh – AND they’re recyclable, so Valley Curbside Recycling could swing by and take care of them at closing if need be!

As I said, this is the first iteration of signs, and I welcome your feedback – good, bad or indifferent, would love to hear your thoughts.  Personally, I think it’s a great way to market a home, and as part of the entire package I’m rolling out will make my seller’s homes stand out even more than they already do.  My thanks to Kelsey and Caroline for their design, and Justin at SignSpot for his help with the printing – I sent him a LOT of files, all at one time, and he knocked them out in short order.

And Jim – you wanted to know how long until your signs were copied?  Here’s your answer.

Soon, we’ll unveil the whole package! For now, here’s a little tease:

You have probably heard about the first-time homebuyer tax credit. Congress enacted the credit in 2008 and enhanced it in the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act) to help revive the housing market. On its surface, the credit appears simple but there are some complexities of which you should be aware. In this letter, we will highlight some of the key features of the credit. If you are thinking of purchasing a home this year or if you have done so recently, please contact our office for more details about the credit.

As its name implies, you must be a “first-time” homebuyer to take advantage of the credit. A first-time homebuyer is generally an individual (and if married, the individual’s spouse) who has not owned a home in the three years before the date of the purchase. The credit is also temporary. Unless Congress extends it, the credit will expire after November 30, 2009.

The amount of the first-time homebuyer tax credit varies depending on when you purchase your home. There is no credit for homes purchased before April 8, 2008. If you purchased a home between April 8, 2008 and December 31, 2008, the credit is 10 percent of the purchase price up to a maximum of $7,500 for the purchase, whether you’re married, single or sharing co-ownership with someone else (except it’s $3,750 for a married individual filing a separate return). The 2009 Recovery Act increases the maximum amount to $8,000 ($4,000 for a married individual filing a separate return). Unfortunately, the increase is not retroactive to 2008. The $8,000 credit is only available for homes purchased on or after January 1, 2009 and on or before November 30, 2009. Additionally, you cannot claim the credit in absence of a purchase.

That said, the IRS recently added another wrinkle to the credit. If you purchase a home in 2009 and you qualify for the credit, you can claim an $8,000 credit on either your 2009 tax return or on your 2008 return. That means you can use the credit to reduce your 2008 or 2009 taxes. Claiming it on your original or amended 2008 return in most circumstances is the better option, since you can get the benefit of the $8,000 credit as cash in your pocket that much sooner.

You also may have heard that the first-time homebuyer tax credit must be repaid. Again, this is only partially correct. When Congress enacted the credit in 2008, it required taxpayers to repay the credit in equal installments over 15 years. The 2009 Recovery Act removes the repayment requirement but only for homes purchased after December 31, 2008 and before December 1, 2009. However, there are still some situations in which the credit must be repaid for 2009 purchases (for example, if you sell or cease to use the home as your principal residence within 36 months after purchase). Conversely, there are some exceptions to repayment, such as death.

Like many tax credits, the first-time home buyer credit has income limits. The credit begins to phase out for single individuals with modified adjusted gross incomes above $75,000 until the credit reaches $0 for income over $95,000. The phase-out for married couples filing joint returns starts at $150,000 and ends at $170,000.

It’s not uncommon for two or more individuals to purchase a home together, such as a parent and child or domestic partners. The first-time homebuyer credit has the added flexibility of being able to be allocated between two or more owners who are unmarried. The IRS recently released guidance with examples on how to allocate the credit. The IRS will allow the credit to be allocated using any reasonable method.

The IRS has published a special form for the first-time homebuyer tax credit. Form 5405 reflects the changes made to the credit by the 2009 Recovery Act. You must file Form 5405 to claim the credit.

Do not let the complexity of the first-time homebuyer tax credit prevent you from taking advantage of this valuable tax incentive. Our office can help you understand the credit and maximize its benefits. We can also help you calculate what additional tax benefits in the form of mortgage interest and real estate tax deductions you may be entitled to as homeowners. Please contact us if you have any questions about the first-time homebuyer tax credit.

Thanks again to Dennis and Paul for the reprint.

So put the phone down until you’ve reached your destination.  Consider this a friendly Public Service Announcement from NRVLiving.com.