Houses for Sale in San Diego announces the extension of the $10,000 tax credit for California homebuyers is official! As expected, Governor Schwarzenegger signed Assembly Bill 183 this past Thursday, March 25, 2010. The California State Franchise Tax Board has been given the authority to extend $200 million in tax credits to California homebuyers beginning on May 1, 2010.
Although the program is scheduled to run through December 31, 2010, the funds will be available on a first come, first served basis. In 2009, $100 million was earmarked for the first version of this program, which was scheduled to run for one year. However, within four months the program’s funds had all been claimed. If you wish to take advantage of this credit, it is wise to begin your search of houses for sale in San Diego today!
You may qualify to save money on San Diego properties whether you are interested in new or existing houses for sale in San Diego. The $200 million will be divided equally between two different groups of homebuyers. $100 million has been designated for buyers of new, unoccupied homes. The other $100 million has been reserved for first time buyers, who may purchase existing homes. There are a couple of restrictions which apply. In order to qualify for the state tax credit, buyers cannot be dependants, and they may not purchase properties from their relatives.
A word to the wise for savvy shoppers of houses for sale in San Diego - strategically schedule your contract and closing dates so you can take advantage of both the $10,000 California homebuyer tax credit and the $8,000 federal tax credit. To do so, you must enter a contract before April 30, 2010 to qualify for the federal credit and close after May 1, 2010 to be eligible for the state tax credit.
Now is the perfect time to begin your search of houses for sale in San Diego to ensure you receive your fair share of the state and federal tax credits. You have just 34 days left to view San Diego properties, find the right home for you, and enter into a contract to qualify for the federal homebuyer credit. It is wise to allow time in the process for negotiations and counteroffers.
There is no time to delay! Start your search for San Diego properties today! You can independently access and search the Multiple Listing Service (MLS) through any of the links in this article, or contact San Diego Realtor and Broker Russ Petrone of Petrone Properties Real Estate Associates at 858-259-1000 or russ@petroneproperties.com to have a customized search of the houses for sale in San Diego specifically designed for you based upon the criteria you provide. If you begin viewing San Diego properties now, you may be able to qualify for both the state and federal tax credits and save an extra $18,000 on your new San Diego home!
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