New Tax Credit Details

The tax credit for first time homebuyers had not only officially been extended, but has also expanded to repeat homebuyers. First time homebuyers are subject to $8,000 tax credit when in contract on the purchase of a home by April 30, 2010, closing escrow by June 30, 2010. Repeat homebuyers are subject to a $6,500 tax credit during through the same timeline, if they have lived in their current residence for at least five years. All purchases must be owner occupied, and owners must reside in the property for at least 3 years. In addition, the cap on the purchase price has increased to $8,000 and the income qualifications have increased to $125,000 for single tax filers and $225,000 for joint tax filers.

Buzz for Buyers

With the continuous flow of affordable inventory, buyers are finding great deals in this market. Over the past few months, we are experiencing high competition for buyers. Homes are coming in the market under $500K and selling within the first few days with mupltiple offers.

The tactic in this madness? Be proactive. Buyers who are even thinking of buying within the next 3 to 6 months should be pre-approved and looking now, if they are ready to act sooner. Those who are simply reacting to this market are being left behind. Make sure your agent is keeping an eye on the areas you are looking for daily, and keeping in touch with agents in their office for listings that are coming on the market.

We have a few great listings that are coming on the market! A couple need a little TLC, but are great first time homebuyer or investor purchases. Keep up to date through our blog for more information at the end of the week on these listings.

www.therabellogroup.com

City of San Jose WELCOME HOME Assistance Program

The Welcome Home loan assistance program offers up to $25k for down payment assistance! This new program provides a great opportunity for first-time homebuyers. Many renters are unaware of the opportunity in this market to become a homeowner. The city and county are offering great programs for down payment assitance, and the qualifications are very achievable. Real Estate has remained a promising investment, and the decision to own a home lays the foundation for security and growth for all of us.

The past few days we have focused on reaching out to individuals within our social network who are currently renting, but would like to own a home. Many of them were pleasantly surprised by the options that were available and the accessibility to the resources that they needed to own a home.

If you would like additional details regarding the program feel free to contact us or visit our website www.therabellogroup.com

Stay tuned to our blog for market updates and reliable information about Real Estate.

Now is the time to own a home!