If you have considered purchasing a home, but are waiting for that “perfect time to buy” take note…
YOU MUST BE IN CONTRACT BY APRIL 30th to qualify for the Federal Housing tax credit (up to $8,000)!

The provision that puts up to $8,000 in first-time buyers’ pockets and up to $6,500 in move-up buyers’ pockets will soon come to an end.

It is official. Mountain View home buyers this is an amazing opportunity!
Homebuyer tax credits will be continuing, adding a powerful incentive for those considering purchasing a new home. If you’re interested in purchasing a new home at Gables End, be in contract by April 30th to qualify for both California and Federal Housing Tax Credits!

The legislation, signed by the Governor Schwarzenegger today, allows qualified buyers in California  to begin claiming up to $10,000 tax credits starting May 1. Details regarding the legislation were posted in this recent Sacbee.com article (link)

In order to take advantage of this credit, Buyers needs to abide by certain criteria including:

• Must purchase the home between May 1, 2010 and December 31, 2010 and purchase date is the date escrow closes.
• This credit will be equal to 5% of the purchase price or $10,000, the lesser of the two.
• The tax credit must be taken in equal installments over three consecutive years.
• Purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit.

*California Association of Realtors Article about the Homebuyer Tax Credit (link)

The legislation allocates $200 million for more state tax credits – twice what was offered last year to 10,659 buyers of new, unoccupied homes. The state’s newest housing stimulus will grant $100 million in tax credits to first-time buyers of existing homes and $100 million to anyone who buys a new, unoccupied home. *

The state Franchise Tax Board is estimating that nearly 32,000 homeowners statewide might take advantage of  the tax breaks.

What about the Federal Housing Tax Credit?

Even better news for well-timed first-time purchasers! It may be possible to combine this credit with the Federal Tax credit (up to $8,000), enabling a home buyer to potentially capitalize on up to $18,000 in tax credits!  The catch is that you would need to be in contract by April 30, 2010, and close escrow between May 1, 2010 and June 30, 2010.

Federal Housing Tax Credit Summary (link)

Alas, all good things must eventually come to an end, and so it seems that the significant tax credit for purchasing a home in today’s market will soon run its course.

So if you have been considering making a purchase at Gables End, now is the perfect time to buy in order to take advantage of this great opportunity! Model Homes are open 10-5, daily at 1925 Plymouth Street in Mountain View.  Want to take a tour in photos? Visit Gables End on Flickr,  tour our new townhomes in photos or watch a slideshow. While you are there, have a look at our very popular 4 Bedroom plan – just released for sale!

Join our Gables End Fanpage to get weekly updates about our new home community and our greater community in Mountain View.

*Restrictions apply, please contact a preferred lender and your tax advisor for additional details.

It is official. Mountain View first-time buyers this is an amazing opportunity!
Homebuyer tax credits will be continuing, adding a powerful incentive for those considering purchasing a new home. If you’re interested in purchasing a new home at Gables End, be in contract by April 30th to qualify for both California and Federal Housing Tax Credits!

The legislation, signed by the Governor Schwarzenegger today, allows first-time buyers in California  to begin claiming up to $10,000 tax credits starting May 1. Details regarding the legislation were posted in this recent Sacbee.com article (link)

In order to take advantage of this credit, Buyers needs to abide by certain criteria including:

• Must purchase the home between May 1, 2010 and December 31, 2010 and purchase date is the date escrow closes.
• This credit will be equal to 5% of the purchase price or $10,000, the lesser of the two.
• The tax credit must be taken in equal installments over three consecutive years.
• Purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit.

*California Association of Realtors Article about the Homebuyer Tax Credit (link)

The legislation allocates $200 million for more state tax credits – twice what was offered last year to 10,659 buyers of new, unoccupied homes. The state’s newest housing stimulus will grant $100 million in tax credits to first-time buyers of existing homes and $100 million to anyone who buys a new, unoccupied home. *

The state Franchise Tax Board is estimating that nearly 32,000 homeowners statewide might take advantage of  the tax breaks.

What about the Federal Housing Tax Credit?

Even better news for well-timed first-time purchasers! It may be possible to combine this credit with the Federal Tax credit (up to $8,000), enabling a home buyer to potentially capitalize on up to $18,000 in tax credits!  The catch is that you would need to be in contract by April 30, 2010, and close escrow between May 1, 2010 and June 30, 2010.

Federal Housing Tax Credit Summary (link)

*Restrictions apply, please contact a preferred lender for additional details.

If you have considered purchasing a home, but are waiting for that “perfect time to buy” take note… The Buyer incentive tax credit will not be renewed for a third time. According to industry leaders and lawmakers, the provision that puts up to $8,000 in buyers’ pockets will soon come to an end.

In a recent Los Angeles Times article, the end of the program was explained. Home buyers hoping to take advantage of a new or extended tax credit should not procrastinate: This third bite at the apple will be the last.

Legislative advocates of the $8,000 credit for first-time buyers and the $6,500 credit for move-up buyers made it clear during the debate on Capitol Hill that the benefits would not be renewed when they expire. This fact was confirmed by a lobbyist for the National Association of Realtors at the organization’s annual convention last month.

So what does that mean for potential buyers?  If buyers meet the income eligibility requirements, they have until midnight April 30, 2010 to be in contract and must close escrow by midnight June 30th to qualify.

A Brief History of the Buyer Credit Programs -

The original buyer credit, part of the Housing and Economic Recovery Act of 2008, was not as effective as anticipated by legislators. There were relatively few takers, due to the fact that the credit took the form of a no-interest loan rather than a true credit, requiring the purchaser to “pay back” the credit.

In the American Recovery and Reinvestment Act of 2009, lawmakers made the incentive to purchase more appealing by increasing the credit to a maximum of $8,000 for new buyers who closed before December 1st. The only requirement imposed for the program to be a true credit for the buyer – the taxpayer must not move out of the property for a three-year period following the purchase.

This second attempt at stimulating sales and removing standing inventory was extremely successful, so much so that that the housing lobby implored Congress to help keep the momentum going. Lawmakers extended the deadline for first-timers and even added a “long-term resident” tax credit for repeat buyers who owned their current home for at least five consecutive years out of the last eight.

An excellent summary of the current program can be found here.

Alas, all good things must eventually come to an end, and so it seems that the significant tax credit for purchasing a home in today’s market will soon run its course.

So if you have been considering making a purchase at Gables End, now is the perfect time to buy in order to take advantage of this great opportunity!