CA residents qualify for up to $18,000 in Homebuying Tax Credits

$18,000 IN COMBINED HOMEBUYER TAX CREDITS FOR A LIMITED TIME

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 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.


For more information, C.A.R. offers a Homebuyer Tax Credit Chart with a side-by-side summary of the federal and California laws. C.A.R. also offers a legal article entitled Homebuyer Tax Credit Update.

Happy House Hunting!

First-Time Buyers: What Research Tells Us

First-Time Buyers

In 2009, first-time homebuyers comprised a whopping 47% of the market. Most likely due to the federal tax credit and historic affordability, according to the NATIONAL ASSOCIATION OF REALTORS 2009 PROFILE OF HOME BUYERS AND SELLERS. Housing economists predict that 2010 will be an even bigger year for first-timers.

So...WHO are these people? And WHAT do they want?

• MOST ARE MARRIED: 49% are married couples. Single females make up about 25%, while single males account for just 12%.
• THEY'RE YOUNG: More than half, 53% are between the ages of 24 and 34, and 12% are younger than 24.
• THEY'RE DIVERSE: 22% are part of a minority group. 6% speak a languauge other than English, and 12% were not born in the United States.
• THEY LIKE THE 'BURBS: Even though 22% purchase in an urban area, the suburbs continue to be the most popular location, with 52% buying there. The 3rd most popular spot is a 'small town'.
• THEY TAKE THEIR TIME: First-time buyers take an average of 2-4 weeks longer to find their home than repeat buyers.
• THEY'RE NOT AFRAID OF FORECLOSURES: 11% of first-timers bought a home in foreclosure, and 56% considered it. Compared to repeat buyers, only 9% bought a foreclosed home, and only 41% considered it.
• THEY'RE MOST LIKELY TO USE A REFERRAL: 53% found their agent through a referral.

Dining in SOCAL

Dining in SOCAL

THAI FOOD

My mouth waters everytime I drive by Saladang on Fair Oaks Avenue in beautiful Pasadena. Located just south of Del Mar Boulevard, this restaurant set up is in an old industrial office warehouse. Across the driveway is the sister restuarant, Saladang Song, known for more traditional dishes. Open for dinner or lunch, when you can get the famous Lunch Special starting at $7.95, which includes a salad (with the best peanut sauce dressing) your entree item with choice of rice, two egg rolls, and a mini scoop of ice cream..MMMM! My favorites include:

*Dried Chili Cashew Nut w/ Beef

*Sizzling Beef

*Pad Thai

*Pri King Pork

*Satay Chicken Skewers

*Mung Bean Cake

If your in the mood for good Thai, or in the area, drop in and enjoy! Trust me, you won't be disappointed.

Check them out at Saladangsong.com