Realty World – Selzer Realty

This article is brought to you by the CALIFORNIA ASSOCIATION OF REALTORS
Californians have a brief window of opportunity to receive up to $18,000 in combined federal and state homebuyer tax credits. To take advantage of both tax credits, a first-time homebuyer must enter into a purchase contract for a principal residence before May 1, 2010, and close escrow between May 1, 2010 and June 30, 2010, inclusive. Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided under California law.
Under the federal law slated to soon expire, a first-time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500, for certain purchase contracts entered into by April 30, 2010 that close escrow by June 30, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. 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.

Do you know how your credit score affects your ability to purchase a home? Most lenders need a 620 FICO for a buyer to qualify to purchase a home.

Image by Getty Images via Daylife

Governor Schwarzenegger signed AB 183 into law today! This will give first time home buyers a tax credit of 5% of the purchase price (or $10,000, whichever is less). It also gives the same tax credit to buyers purchasing a newly built (never lived in) home as a primary residence. In the Ukiah area, you can purchase a entry-level home for around $175,000…that would mean a $8750 tax credit! Not bad.
We don’t have many unsold new homes in our area, so that part won’t help the Ukiah real estate market; but it will make a difference in many parts of California, especially in areas like the Central Valley where there are hundreds of new homes unsold.

I am really excited about my first blog ever.  I used to think I was up on this technology stuff but I realize now I am so far behind.  Realty World Selzer Realty offers so much stuff I was overwhelmed at first.  In January my old office was purchased by Dick Selzer and it has been moving in the fast lane ever since.  The Realty World family offers more things then I could imagine.  Websites, blogs, marketing information.  I am so excited to implement these tools in my real estate business.  I hope this blog will keep me in touch with my clients and I welcome anyone to contact me through this blog or my website or e-mail to discuss the real estate market, or anything.  Happy Selling!!