Congress has recently passed new legislation extending the First Time Home Buyer Credit of up to $8000 first time home buyers until April 30, 2010. It also expands the credit to grant up to $6500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010. If you are already a current homeowner you will have had to use the home being sold or vacated as a principal residence for five consecutive years within the last eight. Also, to qualify for the first time home buyer credit of $8000 the purchaser or his/her spouse may not have owned a residence during the 3 years prior to the purchase. This applies to condo's, townhomes, as well as single family homes....as long as it will be your principal residence. These amounts are the maximum amounts that can be claimed. Each home buyer's tax credit is determined by two additional factors including the price of the home and the buyer's income. Single buyers with an income up to $125000 and married couples with income up to $225000 may receive the maximum credit. The credit decreases if your income is greater than these parameters. And one last important thing to remember is that you must occupy the purchased home for three years or more or the the full amount of the credit will be recouped upon the sale.

In Ventura, we are seeing a surge in first time homebuyers looking to purchase. In fact, due to the competitiveness of the market for homes in the $250000-$500000 range, many first time homebuyers are finding it hard to have their offer accepted over others. Many investors see the coast as the perfect place to invest and are seizing the moment with offers that are predominantly cash or with large down payments. Unfortunately, the banks tend to accept the offers that carry the most cash leverage and still are price competitive. First time homebuyers can be a bit cautious in wanting to overbid a piece of property. However, currently it appears to be the only way many properties in this price range are being acquired.

Mid-town Ventura is especially a hot market right now, fueled by the lack of inventory in this region. However, almost all properties in the under $500000 range will have multiple offers unless they are overpriced. So, be ready, be fast, hire an agent who is on top of notifying you quickly, be aggressive in your offer, and you will most likely be able to purchase a nice home in Ventura!!

For listing information and information on Ventura homes for sale and Ventura real estate, please take a look at:

http://www.Venturahomesforsale.org