As we enter spring and the summer months home sale activity picks up. I know most of you are terrified to purchase a home and watch in horror as prices continue to drop.  However every market has a strategy to purchase in.  First time homebuyers, who don't plan on flipping their home are in the position to purchase the home of their dreams with incredible incentives and an opportunity to gain wealth when this market turns. First-Time Buyers in this market have interests rates reaching record lows, the First-Time Homebuyer Tax Credit and lowering home prices on their side when negotiating the purchase of a home in this market.

Here's a couple of President Obama Tax Credit incentives.

First-Time Homebuyer Tax Credit

The new law raises the current maximum $7,500 first-time homebuyer tax credit to $8,000, and extends it at that level through November 30, 2009. It also eliminates any required repayment to the IRS after 36 months in the home. These enhancements apply to purchases of a principal residence by a first-time homebuyer after December 31, 2008. Purchases on or after April 9, 2008, and before January 1, 2009, continue to be governed by the original first-time homebuyer credit enacted last year. The credit phase-outs that start for taxpayers with AGI in excess of $75,000 ($150,000 for joint filers) continue to apply to both years.

Child Tax Credit

The New law increases the refundable portion of the child tax credit for 2009 and 2010. The agreement does so by setting income threshold at $3,000.

If you're a first-time home-buyer and you've never purchased a home, let alone a distressed property, it is beneficial to contact a local real estate agent who specializes in distressed properties.  We can guide you through the process of buying a short sale or REO. As Realtors representing your best interest we will make sure we understand and know your priorities.  We have extensive experience with distressed properties, especially for first-time buyers, a good agent will be a comforting and helpful resource.

Please contact Jennifer & Gary Ricco, Certified Distressed Property Experts, at Keller Williams VIP Properties. Office # 661.290.3837 If your interested in buying in Santa Clarita, the San Fernando Valley, or Ventura County we'd like the opportunity to earn your confidence and business. Please view our website at http://www.riccosellshomes.com/ to learn more about us and how we can help you with the purchase of your dream home. You can login into www.santaclaritavalleyhomesforsale.listingbook.com to monitor the value of a property your interested in with a Daily Market Analysis or search for your dream home.