While the real estate market in the commonwealth is roaring
ahead with the State sales up 18%, and prices up 12%1, the Realtors
are active in making sure that the voice of home-owners is heard and that the
good news will continue in the Commonwealth.
One of the most important factors of a location is reaching
it through the transportation system. The
Virginia Realtors are supporting Gov. Bob McDonnell’s transportation bill in
order to facilitate adequate funding for our roads and transportation
systems. Revenues from the 17.5c/gallon
gasoline tax, which was put in place in 1986, have been falling due to the
improved efficiency of cars, and the increase in the use of alternative fuel
vehicles. Meanwhile, the transportation
costs are increasing as the number of miles has risen, and due to increased
asphalt prices. This has created stress
within the transportation budget; funds
are being diverted from public transportation and new roads to
maintenance. The Governor is proposing
to get rid of the gasoline tax, and instead raise the sales tax by .8c. This will result in a sales tax of 5.8% for
most goods, which is lower than the surrounding states. Sales tax revenues do grow with inflation,
which means that the funds will be available to cover increasing costs. This alleviates the transportation fund being
dependent upon the stagnant tax revenues from the sales of the number of
gallons of gasoline. Also, registration
fees will rise $15, and there will be an additional $100 fee to register an
Alternative Fuels Vehicle. All this results in the additional funds
needed to keep Virginia’s roads & rails running efficiently, and keep
commuting times reasonable in the bustling Commonwealth.
The Northern Virginia Association of Realtors (NVAR) has
been busy again updating their standard forms.
Among other miscellaneous changes, the standard listing agreements and
buyer agency forms which are used by the sellers and buyers to hire their
Realtors have been updated. Now these
agreements will expire at midnight on the agreed date. I thought that my work hours were long
enough, as the contracts have always included weekends and time-frames which
ended at 9pm each day. The real estate
contracts still use the 9pm time-frame for the expiration of contingencies
etc. Welcome to the 24 hour world of
electronic communication!!
