Virginia Beach VA Real Estate Blog by Bob Barnum's Real Estate Team/ Bob Barnum

24 on Fox

Looks like we will have to wait until January 2009 for the full season, but there is a little relief in sight with a 2 hour prequel coming soon. http://www.reuters.com/article/televisionNews/idUSN0610433820080306

Chesapeake Virginia Tax Relief for Disabled or Senior Citizens 2008

Chesapeake Virginia Tax Relief for Disabled or Senior Citizens 2008 Commissioner of Revenue - Real Estate Tax Relief for Disabled or Senior Citizens Basic Requirements 1. Must be 65 years of age or older or totally and permanently disabled. 2. Must own and live in the property to be exempted. 3. Combined income of owners cannot exceed $62,000 per year. 4. Net worth, exclusive of the home, cannot exceed $350,000. The program also applies to mobile homes. The exemption is granted on an annual basis and a new application must be filed each year. If you feel that you are eligible, please contact the Commissioner of the Revenue's Office at (757) 382-6698 for application information. Applications must be filed no later than
May 15th of the taxable year.

Virginia Beach Real Estate Tax Exemptions

Real Estate Tax Exemption The City of Virginia Beach offers Real Estate Tax Exemption/Deferral/Freeze for Senior Citizens and Disabled Persons designed to provide property tax relief for qualifying applicants. Eligibility is based on a combination of age, disability, income and total assets. Applications for exemption must be filed by June 30 preceding each tax year for which exemption is sought. To qualify:
Senior Citizen - 65 years or older
or
Totally Disabled - no age limit, $10,000 income exclusion
Must reside in the Virginia Beach residence or a convalescent facility **Tax Exemption: Reduction of 20% to 100% based upon income

Annual household income must not exceed $62,000Assets (excluding residence) must not exceed $350,000 **Tax Freeze: Tax Remains Unchanged

Annual household income must not exceed $62,000Assets (excluding residence) must not exceed $350,000 **Tax Deferral: Tax will become due, upon ..(read more)

Bipartisan Crimes Against the Constitution

Our elected officials trying to give away the farm again Bipartisan Crimes Against the Constitution
AIM Column | By Cliff Kincaid | March 3, 2008 Although the strict text of the U.S. Constitution includes the treaty clause as the only means by which the U.S. can enter into such international agreements, there's a growing body of mostly liberal-left "legal opinion" that holds that "congressional-executive agreements" like NAFTA can serve as substitutes for treaties. Full story http://www.aim.org/aim-column/bipartisan-crimes-against-the-constitution/

Stanley Steemer Carpet Cleaner

Top Notch Carpet and Furniture Cleaning, even cleaned the ceramic tile and grout. Chesapeake, Portsmouth, Norfolk & Suffolk office. 757-456-0900

Real Estate News 3/21/07

Sales of existing homes unexpectedly rose by 3.9% in February, the largest monthly gain in three years, the National Association of Realtors reported March 23. The price of a median home sold last month dropped to $212,800, down by 1.3% from the same month in 2006, marking a record seven straight months that the median home price has fallen. Construction of new homes and apartments rose 9% in February to a seasonally adjusted annual rate of 1.53 million units, the Commerce Department reported March 20. Construction had fallen by 14.3% in January. Even with the better-than-expected rebound, construction activity remained 28.5% below last year's level. Builders' applications for new permits, considered a reliable gauge of future activity, continued falling in February, dropping by 2.5% to an annual rate of 1.53 million units. That marked the 12th decline in the past 13 months in building permits. ..(read more)

Nara Sushi... Best Sushi In Hampton Roads

Gotta try it. Eric and Elaine will treat you like royalty... Try the spicy salmon dragon roll or cajin tuna tataki. There 2 of my favorites...

Study Profiles Homes of the Future

New homes have changed dramatically over the past five decades. Small one-story bungalows with less than 1,000 square feet, two bedrooms and a single bathroom have given way to two-story homes topping 2,400 square feet with three or more bedrooms and two or more bathrooms. Along the way, new homes have evolved to levels of comfort and sophistication that were virtually unimaginable even a generation ago. Given the rapid evolution of design, configuration and products in new homes, even a professional futurist might be hard-pressed to determine what the next five decades hold for housing. But a new study by the National Association of Home Builders provides a telling look at the homes buyers can expect to purchase in the nearer future. "The Home of the Future" study, introduced at the International Builders' Show in Orlando, was conducted in 2006 by NAHB's Economics Group. Based on polls of architects, designers, marketers and manufacturers, it provides a ..(read more)

Putting Zeal In Your Curb Appeal

Curb appeal, the first impression your home conveys to prospective buyers, should create an emotional desire to own the home and enjoy the lifestyle and status it represents. Putting the best face on your home also should give a lasting impression that motivates buyers to cross the threshold and take that first step toward closing the deal. Experts advise, more like a home improvement or exterior staging job than a cosmetic makeover, curb appeal that sings is particularly crucial now that more and more buyers are calling the shots. Give your house model home level curb appeal for that "new" look and feel and buyers will beat a path to your door. That's because there's nothing like moving into a home that's ready to go, free of the need for initial touch ups and free of the ghosts of owners past. So how do you put a new face on your old home? With lots of attention to detail, in not one, but all the components that make your home stand out on the block. New paint. ..(read more)

Home Owner Gain Exclusion Deduction

It's been 10 years since Congress brought us the homeowner gain exclusion deduction -- one of the most powerful and useful tax-saving tools ever given to homeowners. The deduction itself is simple: If you have lived in your home for two out of the previous five years, you get a tax break when you sell it. If you're married and you file a joint tax return the first $500,000 of gain (the difference between what you paid to buy the property and what you sold it for) you make on the sale is tax-free. If you're single, you get a tax break on the first $250,000 of gain. What constitutes "living in" is pretty flexible, too. Those two years don't have to be consecutive, nor do you have to physically live in your home every day. The IRS allows you to have temporary absences from your home each year that can be up to 11.5 months! You can literally buy a home, live in it for 2-3 weeks per year for two years and take the entire tax-free gain exclusion. In most cases, this is a great ..(read more)

List Price, Sales Price, Appraised Value. What does it all mean?

The list price is a seller's advertised price, a figure that usually is only a rough estimate of what the seller wants to get. Sellers can price high, low or close to what they hope to get. To judge whether the list price is a fair one, be sure to consult comparable sales prices in the area. The sales price is the amount of money you as a buyer would pay for a property. The appraisal value is a certified appraiser's estimate of the worth of a property, and is based on comparable sales, the condition of the property and numerous other factors. An experienced Realtor can assist with your questions.

The difference between appraised value & market value

The appraised value of a house is a certified appraiser's opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $300 to $500 depending on location and the amount of land. Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

Virginia Beach Need To Know Phone Numbers

ECONOMIC VITALITY - The business of creating, sustaining, and enhancing public and private wealth in Virginia Beach, consistent with the overall well-being and quality of the Community. This includes focusing on: Economic Diversity and Growth Business Climate Community Environment Work Opportunity and Security Opportunity for Upward Mobility and Success Regional Setting and Relationships City Agency / Primary Number Primary Contact Services Offered Agriculture
757.385.5775 matkinso@vbgov.com View Services • Farmers Market
757.385.4395 FarmMrkt@vbgov.com View Services Convention & Visitors Bureau
757.385.4700 ..(read more)

Document Value Of Donated Household Goods

If you regularly count on Goodwill, the Salvation Army and others to find homes for what won't fit in your attic, garage or spare room -- all while getting a charitable tax deduction -- do your spring purging now. That's especially true if you commonly fudge the value of donated items. In 2007, the Internal Revenue Service will hold you accountable for accurately documenting the value of donated goods under a new tax edict tucked away in the Pension Protection Act of 2006, signed by President Bush this summer. The broader act is aimed at curing the ailing defined-benefit pension system but it includes a host of unrelated provisions, including one that governs required, accurate documentation when you claim tax breaks for gifts, including household goods trucked off to charitable organizations. Under the current law, the IRS pretty much takes you at your word when you claim a tax break for donations of money or items you've valued at up to $250. Documentation is required for ..(read more)

Mortgage Insurance Slated For Tax Deduction

Years in the making, a federal tax deduction for mortgage insurance is all but assured after bills which include the provision were passed last month by both the House of Representatives and the U.S. Senate. Only borrowers who close loans during and after 2007 and make less than $100,000 a year will be eligible to deduct all the private or government mortgage insurance paid for the year. A tax deduction reduces taxable income, leaving less income to tax. The new break with result in an average tax savings of between $300 and $350, according to Howard Glaser, a Washington lobbyist and former senior official in the Department of Housing and Urban Development. During the past five years, about one in five new loans have included mortgage insurance, according to Jeff Lubar, a spokesman for the Mortgage Insurance Companies of America, a trade group for private insurers, but the number of new policies has fallen. The group's "2006-2007 Fact Book &Membership ..(read more)