NVAR Newsletter 

"Home Buyer Tax Credit Extension Becomes Reality" 

Congress and the White House have overwhelmingly approved an extension and expansion of the home buyer tax credit, as urged by hundreds of thousands of Realtors® across the country. 

Key points of the legislation include: 

Extension of the $8,000 tax credit for first-time home buyers under contract by April 30, 2010 and settling by July 1, 2010; 

Addition of a $6,500 tax credit for existing homeowners, if living in their principal residence for five consecutive years in the past eight years; 

Increasing income limits for eligible home buyers to $125,000 for single buyers and $225,000 for couples; and, 

Capping the purchase price of the home at $800,000. 

Source. Northern Virginia Association of Realtors Newsletter, January 2010 

Washington Post Article 

"How Fairfax Changed Home Values" 

February 29, 2008 

Although residential property assessments in Fairfax County are down an average of 3 percent, the underlying value of the land has in many cases increased markedly. County officials say they based the valuation on nearby land sales. Here are two examples of actual valuations: 

A 1958 split-level home in Springfield
2007 valuation 2008 valuation
Home $308,180 $107, 800
Land $162,000 $327,000
Total $470,180 $434,800 

Recent neighborhood home sales: $460,000 in February 2007, $464,000 in April 2007 and $470,000 in June 2007. 

Recent area lot sales:$490,000 in June 2006, $350,000 in April 2007 and $475,000 in June 2007. 

A 1984 single-family home in Great Falls
2007 valuation 2008 valuation
Home $457,020 $307,070
Land $495,000 $627,000
Total $952,020 $934,070 

Recent neighborhood home sales: $1.4 million in March 2007, $1.1 million in July2007. 

Recent neighborhood land sales: $930,000 in January 2007, $660,000 in March 2007, $950,000 in October 2007. 

Source: Fairfax County Department of Tax Administration