JoJo on Apr 8th 2010
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.
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.
(Source: CAR Reallegal)
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JoJo on Apr 12th 2009
Here is some positve news from the OC Register and various internet articles over the past week:
Fed Plans Spark Drop in 30-Year Rates: The average interest on a 30-year mortgage fell to a 38-year low of 4.85 percent during the week ending March 27 from 4.98 percent the prior week, Freddie Mac reported. Need to ReFi, click below link for a quick online application with my local lender :
https://www.secureonlineapps.com/realtyexecapp.htm
Home Buyer Tax Credit Increases Activity: NAR President Charles McMillan says home shopping activity has picked up with housing affordability at a record high. “The number of buyers looking for homes rose 5 percent in February, and also was 5 percent above a year ago,” he says. “It appears most of the increase in buyer traffic occurred in the latter part of the month after the $8,000 first-time buyer tax credit was put in place. At the same time, mortgage purchase applications have risen, so we expect to see sales picking up around late spring.”
A run of Encouraging Economic Reports that have recently been released may mean the worst, panic-inducing stage of the economic downturn is over. Emphasis on the word may. “I think there are signs of economic life,” Mark Zandi, chief economist at Moody’s Economy.com in West Chester, PA, said. “The downturn is no longer intensifying, and the clearest evidence of this can be found in the retail sector as retail sales have turned since the beginning of the year,” Zandi said. The tax portion of the federal-stimulus program is kicking in, as a decline in tax withholding is starting to boost take-home pay, Zandi said, which could bolster the positive trend in consumer spending seen earlier this year.
New economic reports on construction spending, manufacturing and pending home sales suggest the recession may be moving closer to a bottom. Orders for manufactured goods rose 1.8% in February, reversing 6 straight monthly declines.
After a half-year of declines, consumer spending edged up for a second month in February.
Orange County resale homes are up 45% vs. a year ago.
In a recent survey of 1,000 perspective first-time homebuyers from across the nation found 68% think now is a better time to buy vs. six months ago.
Cal State Fullerton’s latest OC Business Expectations Survey shows that local businesses are feeling a little better about the economy for the first time in a year. More than 21% of those surveyed said they will add staff this quarter.
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JoJo on Mar 18th 2009
- Hire only licensed contractors.
- Check contractor’s license number at 800-321-2752 or www.cslb.ca.gov.
- Get three references & review past work.
- Get at least three bids.
- Get a written contract & don’t sign unless you understand the terms.
- Pay 10% down or $1000, whichever is less.
- Don’t let payments get ahead of work & keep records.
- Don’t make final payment until you’re satisfied with the job.
- Don’t pay cash.
- Keep a job file of all papers relating to your project.
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