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The Scoop:

(1) Entry level properties (homes, condominiums and townhouses)  are in high demand and when properly priced and marketed are selling quickly.  This may change with the tightening of FHA loan requirements.

(2) Mid level home prices are stabilizing and when properly priced and marketed are selling in a reasonable amount of time. Luxury houses and condominiums are selling more slowly and are still attactively priced. 

(3) Interest rates are still being kept low by the Fedral Government but are likely to rise again,  either as the economy improves or because of changes in the availability of capital.

(4) The $250,000. ($500,000. if you are married) Capital Gains Tax Exemption when you sell your home is still in effect.

(5) Most homeowners who have lived in their homes for five of the past eight years are eligible for a $6,500. Federal tax credit when they purchase a new residence. First time buyers and buyers who have not lived in their own homes for three years get an $8,000. tax credit. Buyers must be under a binding contract by April 30, 2010. Other restrictions apply.

(6) The State of California has promulgated a tax credit of up to $10,000. for home buyers beginning May 1, 2010 and ending December 31, 2010 or until the $200 million funding runs out. The tax credit will be paid out over 3 years. First time buyers may purchase and occupy as their primary residence a resale home or a new home. All buyers of new, unoccupied homes are eligible for the state tax credit.  They must also live in their new home. For more information click here


What it means:  

(1) Now may be an excellent opportunity and time to buy a home or trade up.

(2) Now, current homeowners of entry level properties get to sell their homes quickly.

(3) Now, is a good time to cash in on that Capital Gains Tax Exemption.

(4) Now, buyers can negotiate a terrific price on a midlevel or luxury home.

(5) Now, buyers can continue to lock in a 30 year mortgage at a low interest rate.

(5) Now, buyers who act quickly can qualify for up to $8,000. in Federal tax credits and up to $10,000 in State of California Tax Credits. 


For more information about marketing your home, state and Federal real estate tax credits, short sales or to search for your new home any where in San Diego or Scripps Ranch, contact Claude Braunstein  or phone our team at 858 271-7770.  A Coldwell Banker affiliate with over 30 years of experience, Claude and his team will help you find the right home at the right price and help you to take advantage of the current home purchase tax credits.  Additional information is available on our website , where you can also search the MLS for a suitable home.
Posted on April 15, 2010 02:09:04 by Claude Braunstein & Associates

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