Once in a Generation Opportunity!

This month only, California only, first time buyers can receive an$18,000 tax credit if they make an offer on a home and it is acceptedbefore April 30, 2010. The federal tax credit of $8,000 is set toexpire April 30, 2010. The California tax credit just began and will bein effect until July 31, 2011. So, for this month only, first timebuyers can benefit from an $18,000 combined credit.

I get asked bybuyers.."will they extend it?" The word I hear from D.C. is that theFeds are NOT going to offer the tax credit again because it didn'tencourage home buying by much.

In California, however it wasvery successful last year and funds alloted ran out quickly. It was sosuccessful that California is offering it again. For this small windowof opportunity, wouldn't it be great to take advantage of BOTH thesecredits, low interest rates, and low priced homes??

And, it's notjust for first time buyers. Current homeowners qualify for $16,500 incombined tax credits and they don't need to sell their current home!But for this month only.

The clock is ticking.....
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  • Congratulations Freddie, I was so close to getting my client in but it fell out of escrow. All about timing.
  • i just got a client in on that 18k they are very happy....
  • Actually it is making first time buyers aware that there is tax benefit to do so. On the downside few young generation has the means and get frustrated after offers were rejected. Unless their parents can help with down payment it is not a trivial matter. This generation of first time owners will not start with an entry level condo but expect a lot.
    They can not understand how older homes of 900 sf with 2 br, 1 bath was designed for a family or 5 or 6 people.
    Even these homes in good school area are asking ~$900K. The lower priced homes around 400 -600K is a challenge for realtors and loan officers. The schools are not good enough for many finicky youngsters.
  • Funny thing Governor Arnold can do this and yet the schools are suffering,,,cities can't balance their budgets...oh well...
  • Barbara, The California tax credit will continue until July 31, 2011. It's already bringing out first time buyers.
  • Jan, excellent incentive by the state of California. It will definitely help reduce inventory and stabilize prices. (question: for how long?).
    I wish we had a similar state credit in Illinois.
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