by Broderick Perkins
© 2010 DeadlineNews.Com
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Deadline Newsroom - Consider going out and buying a home this weekend, or at least really soon -- before it's too late to cash in on the home buyer tax credit and other favorable market conditions -- especially if you live in California.
April is National Fair Housing Month, and it includes a National Association of Realtors (NAR) sponsored Nationwide Open House Weekendhttp://www.realtor.com/blogs/2010/04/08/realtor%C2%AE-nationwide-open-house-this-weekend-april-10-11/ event Saturday and Sunday April 10-11, 2010.
While the event provides potential buyers nationwide with a special opportunity to view homes as the annual traditional spring home buying season ensues, it also underscores that time is running out on the federal home buyer tax credit -- and maybe some other favorable market conditions.
"Realtors are working together to help sellers showcase their listings and would be homeowners by highlighting the benefits of homeownership, including the tax credits,” said Jennifer Tasto, president of the San Mateo (CA) County Association of Realtors (SAMCAR) and broker owner of Property Services, Inc. in Burlingame, CA.
Also, mortgage interest rates have begun to move up, improved employment conditions could soon create more market competition and increased federal efforts to save struggling homeowners could mean fewer distressed and less expensive homes on the market.
Overall the event is timely. Housing market conditions say it's at least a good time to think about buying a home.
Californian's face a unique and brief second window of opportunity to receive up to $18,000 in home buyer tax credits.
Under federal law a first-time homebuyer may receive up to $8,000 in tax credits, $6,500 for existing eligible homeowners, for eligible purchase contracts entered into by April 30, 2010 that also close escrow by June 30, 2010.
California's newly enacted law, says a homebuyer may receive up to $10,000 in tax credits for eligible purchases that close escrow between May 1, 2010 and Dec. 31, 2010, or after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010.
See a tax professionals for taxing nuances specific to your deal in California and other states that could net you a maximum tax credit or refund on a home buying deal.
"It is essential that savvy home buyers work with knowledgeable realtors who can implement the most effective strategies given the limited supply of homes in the Santa Clara County market," said Karl Lee, President of the Santa Clara County Association of Realtors (SCCAOR), which is also participating in the national open house event.
"This is also an opportunity for homeowners who are thinking about selling their homes to ride this wave of buyer demand," added Lee, also broker owner of Realty World Results Pros in Milpitas, CA.
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Broderick Perkins, an award-winning consumer journalist, parlayed 30 years of old-school journalism into a digital real estate news service, the San Jose, CA-based DeadlineNews Group, including DeadlineNews.Com, a real estate news and consulting service and Web site, and the Deadline Newsroom, DeadlineNews.Com's news back shop.
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