Home > Blogs > Mario Zavala > Mario Zavala's (miz388) Blog
bookmark_border

First Time & Second Buyer Tax Incentive "EXTENDED"

By
Real Estate Agent with Century 21 Allstars

You read the title correctly, Congress has voted to extend the tax credit for first time buyers till April which needs to close by end of June. Congress has not left out the second home buyer, as they too will receive an amount of $6,500. Second time buyers would have to own their home for at least 5 years and need to fall in the income bracket in order to receive credit. Both credits reportedly would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year, up from the current income limits of $75,000 and $150,000, respectively. This decision should stimulate the market just as it did from March to August, which are months that we seen increases both in prices and activity(for most areas), September we have experienced decreases, one can suggest that is normal in the 4th quarter. None the less happy Buying/Selling...................

 

Mario Zavala

Century 21 United Realty

Downey, Ca. 90241

Comments (5)
Subscribe to CommentsComment

Submit
Show All Comments
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

Well is it or isn't it. I am hearing all the chatter but nothing sums it up like maybe. We know it is, I mean when it come to wasting money, isn't that what congress does best. Being a Realtor and working with investors I am loving it. But like cash for clunkers that cost the government $24,000 a car it doesn't effect me in a bad way so why should I care. It just isn't good for the country as a whole.

Oct 29, 2009 09:39 AM
Mario Zavala
Century 21 Allstars - Downey, CA

Hi Charles,

Whether it affects you positively or negatively only you know. Does it impact your business or market area, only you know. Here in my market (Los Angeles , Ca.), I can tell you that most of the activity is occuring at the price range of $400k and below, from buyers who are coming off the fences to buy their first home, not INVESTORS. Now do I believe that the Tax Credit is the only reason, of course not (Rates & Price) but it has caused a frenzy and some bidding wars. I am sure that you would agree with me when I say that we've seen several properties with a substantial amount of offers being made from buyers whom wanted to close prior to Nov. 30th and take advantage of the Tax Credit. Whether it is good for the country or not, I guess everyone has a different perspective on that. Is it good for the American people whom want to own a home, I would have to say it is. Remember all those old commercials"Own your home, It's the American Dream". 

Mario Zavala

Century 21 United Realty

Downey, Ca. 90241    

Oct 29, 2009 11:30 AM
Anonymous
Iris

Hi Mario,

My husband bought a house in Oklahoma 3 yrs ago. Then he moved back to CA. to marry me. I bought a house seven yrs ago.  We now have to buy a house to live in the center of his job and mine.  Do we qualify for the 2nd buyer tax credit?  If, we don't because he has only owned his house for 3 yrs, is there a way around it?

 

Thank you,

Iris

 

Nov 06, 2009 02:12 PM
#4
Mario Zavala
Century 21 Allstars - Downey, CA

Hi Iris,

Because of the way the bill was written, unfortunately you won't qualify for the tax break. Although after looking at your scenario in depth, you may qualify to purchase with as little as 3.5% as down payment.

Mario Zavala

Century 21 United Realty

Downey. Ca. 90241

Nov 07, 2009 05:33 PM
Back to Top
Rainer
22,740

Mario Zavala

Profile
Blog
local_phone(562) 205-3566
smartphone(562) 900-6149
Contact The Author

Recent Posts

View more Recent Posts   arrow_forwards

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?