Cynthia Larsen - Sonoma County Real Estate Broker

head_left_image

First-Time Home Buyer Tax Credit To Start May 1, 2010 in California

dollars floating down from the skyYes!  Our fearless Governator, Arnold Schwarzenegger, just signed AB 183 which will enact a first-time home buyer tax credit for the lesser of 5% of the purchase price or $10,000.  The effective date is to be May 1, 2010, deliberately starting one day after the federal tax credit requirement to be in contract ends.

$100 million is being allocated to existing homes and another $100 million is being allocated for new construction or previously unoccupied homes.  Unlike the federal tax credit, California's credit will be evenly distributed over a period of three years.  Another requirement is that the first-time home buyer must live in the residence for at least 2 years, or they will have to repay the State.

The previous tax credit program that California had only applied to new homes, and the allocated money ran out eight months before the program was set to expire.  There is a lot of hope that this new tax credit will stimulate new jobs within California's housing market.  This is great news for Californians who qualify for the first-time home buyer program.

Way to go, Arnold!

 

Cynthia Larsen is the owner and broker of record for Safe Haven Realty and has worked and lived in Sonoma County for over 25 years. For more information about Sonoma County, check out Bodega Bay - Cotati - Penngrove - Petaluma - Rohnert Park - Santa Rosa - Sonoma Valley - Windsor.

 

To view all available homes for sale in Sonoma County, visit Sonoma County Homes For Sale Online or scan the QR code below with your smart phone for mobile access.

 

QR code for mobile access

 Cynthia Larsen
Broker/Owner - Safe Haven Realty

Sonoma County, California, USA
(707) 332-2560

www.cynthialarsen.com


9 commentsCynthia Larsen • March 25 2010 06:12PM

Comments

Hopefully it will provide some consistency to the market, rather than the big drop we are all bracing for when the federal credit expires.

Posted by Dr. Stacey-Ann Baugh, A doctor who makes house calls. (Century 21 New Millennium) over 4 years ago

I'm hoping so too, Stacey-Ann.  We've been dreading a horrible summer without either a federal or state tax credit.  I was soooo excited when I received the email from CAR.

Posted by Cynthia Larsen, Sonoma County Real Estate Broker (Safe Haven Realty) over 4 years ago

Leave it to Arnold to create something that will get the real estate market functioning again.....it always starts in California and Massachusetts is the last to blend in.

Posted by Barbara Todaro, "New Franklin MA Homes" (RE/MAX Executive Realty ) over 4 years ago

Barbara - This is Arnold's last term, we are voting for a new Governor in November.  I think he is trying to accomplish a lot during his final months.  No complaints here!!

Posted by Cynthia Larsen, Sonoma County Real Estate Broker (Safe Haven Realty) over 4 years ago

Cynthia,

This is great news! Way to go Arnold...

Posted by Michael A. Caruso (Surterre Properties) over 4 years ago

Michael - I'm already e-mailing my first-time home buyers with this breaking news.  I can see them pulling themselves out of their depression and looking at listings I have been sending them.  This sure puts a whole new light on our real estate market this summer.  woo hoo!!

Posted by Cynthia Larsen, Sonoma County Real Estate Broker (Safe Haven Realty) over 4 years ago

With the economy so bad there, from what I've read how did anyone manage to allocate $200M? 

Posted by Carla Muss-Jacobs, Principal Broker/Owner, Buyer Focused ~ Buyer Results (BuyersAgentPortland.com | (503) 810-7192 Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time) over 4 years ago

Carla - good question and one I can't even begin to answer.  This is where I stick my head in the sand and hope for the best because I am just a lowly pawn in the scheme of politics.

Posted by Cynthia Larsen, Sonoma County Real Estate Broker (Safe Haven Realty) over 4 years ago

Oh my gosh, I hadn't heard this, that's great news. 

Posted by Susan Hull (RE/MAX equity group inc) over 4 years ago

This blog does not allow anonymous comments