San Jose Real Estate * REALTOR ® * Richard Gonzalez » Tax Credit

$18,000 Tax Credit to California Home Buyers in April

Richard Gonzalez — Thu, 08 Apr 2010 22:19:31 +0000

Incredible as it may seem the $8,000 Federal tax credit can be combined in April 2010 for a credit up to $1,800 as a result of the recent California legislation.

Window of opportunity

Open to home buyers in the state of California.
Must be in contract before May 1st 2010
Must close between May 1st and June 30th 2010
Non-First time home buyers will still be eligible to receive up to $16,500

“The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.”

~ California Association of REALTORS Legal Department

California Home Buyer Program Gives $10,000 beginning May 1st

Richard Gonzalez — Wed, 24 Mar 2010 16:20:02 +0000

Just when most buyers face the end of the $8,000 tax credit Governor Schwarzenegger has revealed a new incentive planned for May 1st that would give buyers up to $10,000.

The day after the federal government credit expires this new state credit would pick up where the federal one left off.
Details of the credit qualifications have not been finalized but the funding is coming from a $100 million dollar program crafted last year as reported by the Wall Street Journal.

Read article here

NAR Call to Action for an Extension of the $8,000 Home Buyer Credit

Richard Gonzalez — Thu, 17 Sep 2009 00:00:45 +0000

There has been much discussion about this program and its ability to get buyers off the fence and now the National Association of REALTORS is making a push to keep this program going through next year. The good news is that there are plenty of buyer out in our market place, the bad news is that there are plenty of buyers in our market place.

Until the inventory levels begin to rise we are going to continue to see a hot market with or without this program. Do I think this is a good program? Yes. I would like to see a tax credit to help those first time home buyers and those folks looking to upgrade to a new home. Home builders are trying to move the little inventory they have. Empty Nester’s(people who live in an empty home now that the kids have moved out) would also benefit from a program like this given young families a chance to live in a home.

I am going to continue to support NAR’s push for an extension of this program.