Kathy Wall

The First Time Home Buyer Tax Credit is Extended!
November 11, 2009 · · 2 Comments

The $8,000 first time home buyer tax credit that was scheduled to be canceled as of November 30th has been extended, which is absolutely wonderful news for all of those potential home buyers who weren’t able to find their new homes before the deadline.   The new credit will be in effect until April 30, 2010.    Please note that home buyers will need to be in contract by that date, but will have up until July 1, 2010 to close the escrow (that’s when you actually own the home).    And, the new credit is even better than the previous one for the following reasons:

…The income limits have been raised so that now more people will qualify for the credit.   Previously, if you were a single person, you could only earn up to $75,000 and, as a married couple you could only earn $150,000.    Now, single people will still qualify if they make up to $125,000 and married couples will be able to receive it if they make up to $225,000.     And, those earning over these amounts may still qualify a credit, but for a lesser amount.          Read more

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.