The Beverly Hills Real Estate blog Friday 04-09-10
Please e-mail us at: mrpk1@pacbell.net should you need immediate assistance.
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Friday and the sun is shining brightly! Here's the forecast.
- Today: Partly cloudy skies. High 71F. Winds S at 5 to 10 mph.
- Tonight: Partly cloudy early with increasing clouds overnight. Low 52F. Winds SSE at 5 to 10 mph.
- Tomorrow: Cloudy early with partial sunshine expected late. High around 65F. Winds S at 5 to 10 mph.
- Tomorrow night: Partly cloudy in the evening with more clouds for later at night. Low 51F. Winds SSE at 5 to 10 mph.
- Sunday: Partly cloudy. Highs in the mid 60s and lows in the low 50s.
Rain possible on Monday and a thunderstorm or two.
Tiger takes Augusta by storm. Great to see him back. The Lakers and Angels lose. Tomorrow we'll post the open house link. A news note for agents from our friend Damon.
Are your clients still sitting on the fence?
$18,000 in potential tax credits should change their minds.
You heard right. It was just announced: Direct from Sacramento comes $200 million toward the ailing California housing market. Starting May 1, the day after the $8,000 federal homebuyer credit program expires, the state begins a new $10,000 income tax credit program that now will target not only first-time homebuyers but also anyone who buys a newly built home in the state. With a hundred million earmarked for each program, this is a win-win for everybody in the industry.
With rates still hovering around historic lows and bargains abounding throughout the state, this program should produce at least a short-term run on contracts-because there's an overlap period from May 1 until June 30 where your clients might be able to "double-dip" and claim both credits.
In the simplest terms:
• Federal - Contract by April 30 and close by June 30
• State - Close between May 1 and the end of the year
• Double Dip - Contract before April 30 and close before June 30
Details are just coming out, but the most basic credit would be more like $10,000 spread out evenly over three years.
But we'll keep it here to "just the facts."
Importantly, California's is a first-come, first-served stimulus package, so when the money runs out, the credits run out. And note that buyers of existing homes must close escrow between May 1 and December 31. (Though the tax board estimates that existing-home credits will run out by June 30!) Buyers of new homes can reserve a credit by entering into an enforceable contract between May 1 and Dec. 31, filing the proper paperwork with the tax board, and then closing escrow by August 1, 2011.
Low prices, great rates, and now the state tax credit offer your clients an opportunity to maximize their value. Please give me a call today and let's get them in before the money dries up.
Best,
Damon Germanides
310-777-3600
Have a great Friday and remember to Count Your Blessings!
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