Jean Joh

Another Tax Credit for First Time Buyers in California?
March 24, 2010 · · 8 Comments

Yes, the Federal Home Buyer Tax Credit will end on April 30, 2010, but there may be some good news on the horizon for first time buyers in California.  Bill AB-183 has been passed by both houses of the  California legislature by near unanimous votes, and is expected to be signed by Governor Schwarzenegger very soon.  This allows for up to $10,000 in tax credits for first time buyers, and the big difference between this and the previous California tax credit is that you can actually use it for the purchase of an existing home (not only for new homes).  According to this bill, $100 million will be set aside for sales of existing homes, while another $100 million will be for sales of new homes.  It will take effect from May 1st to the end of this year, but as there is a limited amount of funds, it probably wouldn’t be good to wait until November or December.  More details will be forthcoming once the bill is signed and confirmed, but I thought it couldn’t hurt to help those who are stressing out over buying a home before the April 30th deadline.  Unfortunately, this is only for first-time buyers, so those who are thinking to “move up” (sell their existing home and purchase a bigger and better one) still need to get moving (no pun intended).

Here’s the link to one article about Bill AB-183:  http://www.sacbee.com/2010/03/24/2629239/schwarzenegger-expected-to-sign.html

Jean Joh:  Visit my website at www.jeanjoh.com or follow me on twitter as jeanjoh.

Adam Chinn

Is the Tax Credit Working?
April 19, 2009 · · 7 Comments

new-constructionI recently came across an article by the (CBIA) California Building Industry Association entitled, “New-Home Sales Still Historically Slow in February”. The title does suggest that this is indeed another sub-par month for the real estate business as well as our economy but as I read on I did find some very positive news that will hopefully bring us closer to the bright future.  Positive news such as, us finally seeing the bottom of the housing declines.

I am current working with some clients who are interested in purchasing their first home in a New-Home Community.  They would be Eligible for both the $10,000 New-Home Tax Credit as well as the $8,000 First Time Homebuyers Tax Credit.  This of course would make a huge difference for them financially, who wouldn’t want an extra $18,000 in credit when purchasing a home?

If you would like to view the article please visit California Building Industry Association.