Tax Credit for First-Time Home Buyers

May 8, 2009 by Mark Roknich

One of the perks in the recent Federal Government “stimulus bill” is the $8000 tax credit for first-time homebuyers.

To qualify for this credit, the purchase must be made before November 30, 2009. As the credit is intended for first time homebuyers, those applying for the credit may not have purchased a home in the past three years.

Buyers who accept the credit must also live in the house they purchase for at least three years, or Uncle Sam will require the owner to return the credit.

Qualifications are otherwise simple: single buyers must earn $75,000 or less to qualify; couples may earn up to $150,000. Those fortunate enough to have incomes exceeding thes limits may still be eligible for a partial credit.

Is $8000 a lot of money towards a home? Yes, and no, given the high price of housing in areas like Orange County. But note, that this credit may be enough to cover many buyer’s closing costs.

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Good News – Homes are Selling!

May 8, 2009 by Christe Roknich

We’ve had a busy month! As you can see from the list of properties to the left, our sellers enjoyed a very successful April.

Note that only one of the four closed sales was a short sale…I mention that fact to emphasize that it’s not just foreclosures and short sales that are selling. Affordability is remarkably better, and interest rates are remarkably lower! As a consequence, home buyers are finding good values throughout the existing inventory. Remember, even as distress sales comprise as much as half the market in certain segments, that leaves another half of the sales that are not distressed sellers.

Buyers are once again excited about of purchasing Orange County real estate. In fact, we are working with five families that want to buy a home NOW!

Okay, now turn the page for a reminder of some minor bad news: the post office has raised postal rates again, including the cost for the basic first class rate from 42 cents to 44 cents. Good news wins!

Need a Realtor? Do you of someone that is planning a move? We look forward to the opportunity to serve you. Call us at (949) 240-5892.

“Love where you live…live where you love!
It all begins at home!”