Thursday, April 15, 2010

California $10,000 Tax Credit for Home Buyers - in a nutshell

Key points...

Buy in 2010 or at least have contract executed on or before December 31, 2010 and closes escrow before August 1, 2011.

Tax credit is the lesser of 5 percent of home price or $10,000, in equal installments over three consecutive years.

Buyer is required to live in the home for two years or forfeit the credit.

Governor Schwarzenegger Signs $10,000 Homebuyer Tax Credit Legislation

It makes it a little more likely for a buyer to commit sooner rather than later. So where the price is right and the value is good, buyers are making the decision to buy a home. Lenders can lend if they qualify. Real down payments are required and they must have the ability to pay the loan. (Yes actually qualify like we did in the 1980's and 1990's) Some appraisals are still low as those guys seek to be on the safe side. But mostly the gears and wheels that make the market move are getting back to work. Many escrow offices will attest to the return of the marketplace and plenty of open escrows.

Where do you want to live? The buyers market is Now.

Call me or email me.

Keith Lambert
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