Posted by: projectnado | March 1, 2009

$18,000 in Tax Credits possible for some lucky home buyers.

Home prices have fallen to almost affordable levels, interest rates if you can qualify for a loan are at record lows, and now for some lucky California buyers, it’s possible to get up to $18,000 in tax credits as incentive to buy a home. 

Ya think it might be time to get off the fence?

Here’s what is going on.

$8000 Tax Credit 
Starting with a Federal tax credit that anyone in the nation can take advantage of, provided they are a first time home buyer.  This tax credit offerred in the New Era of Responsiblity Act of 2009 allows first time home buyers a Federal (or IRS) tax credit of the lesser of $8000 or 10% of the purchase price of a new home, if home is purchased between Jan 1, 2009 and Dec 1, 2009.   Read my article for specifics on who qualifies as a first time home buyer and other details.) 

$10,000 Tax Credit
If you are a resident of California  get ready for an even bigger carrot. In this case, the incentive is to buy brand-new (never before lived in homes.)  Here the tax credit is $10,000 off you’re California state income taxes. The program begins this Sunday.

So, If you are First Time Home Buyer buying a First Lived In Home (new home) and you happen to make less then $150K filing joint, and you buy before Dec 1, 2009 – you might get as much as $18,000 in tax credits.

HOW TO BUY A NEW HOME TIPS: Before you go out and start exploring “new homes,” on your own, remember to do your research online first. If you want your own favorite Realtor (hint, hint) to represent your interests in a new home transaction, then most new housing developments will only let you do that (and pay your Realtor the selling side of the commission) if you and your Realtor register in advance.  If you go in on your own to view the model homes and sign the registration book, it’s usually too late at that point to include you’re own Realtor, and you’re stuck having the on-duty at the time agent as your representative in the transaction. Check out this Directory of New Homes in San Diego county, and if you see something you’re interested, let me know and I’ll call them and try and register you in my name before you head out to see them – or contact me for a day of new and used home tours.

Ofcourse, not everyone who wants to buy this year is going to be interested in a ‘new home,’  search all homes listed for sale in San Diego county at and save your preferences and get listing updates at my new supersmart MLS/IDX power site for home buyers:


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