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California $10,000 New Home Tax Credit

March 8th, 2009

California $10000 New Home Tax Credit 2009 2010San Diego Real Estate Blog

This $10,000 tax credit in the state of California only applies to homes that have never been occupied and purchased between the dates of March 1, 2009 and March 1, 2010. The California home buyers must also reside in the home as their primary residence for at least 2 years from close of escrow.

A qualified home buyer is:

A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.

A qualified principal residence – new home is:

-A qualified principal residence means a single-family residence, whether detached or attached, that has never been occupied and is purchased to be the principal residence of the taxpayer for a minimum of two years and is eligible for the property tax homeowner’s exemption.
- Types of residence: Any of the following can qualify if it is your principal residence and is subject to property tax, whether real or personal property: a single family residence, a condominium, a unit in a cooperative project, a houseboat, a manufactured home, or a mobile home.
- Owner-built property: A home constructed by an owner -taxpayer is not eligible for the New Home Credit because the home has not been “purchased.”

The State of California has set aside $100,000,000 in tax credits for new home buyers. This program is on a first come first serve basis and once the allocated new home tax credit money is gone it’s over. Make sure if your California real estate agent is unfamiliar with this tax credit you let them know about it. You should also contact your accountant. Some details include that the tax credit amount is equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal parts over 3 successive taxable years which is a maximum of $3,333 per year beginning with the taxable year of when the new home is purchased. This can also be used in addition to the $8,000 First Time Home Buyer Tax Credit in the Stimulus Package.

If you are interested in applying you will need to:

- Do the following within 7 days of close of escrow on your New California Home.
- The seller must complete Part I of Form 3528-A which is the Application for New Home Credit and certifying that the home has never been occupied as well as provide a copy to the buyer or escrow person.
- The buyer will complete Parts II & III of Form 3528-A.
- The escrow person on behalf of the seller and buyer will fax the completed Form 3528-A to FTB at 916.845.9754, and provide a copy to the buyer.
- Fax is the only delivery method that will be accepted and considered for credit allocation by FTB, as the date and time stamp on the fax will determine the order in which credits are allocated.
- Fax only one completed application per residence with all qualified buyers listed. Do not include information on nonqualified buyers. An incomplete application may delay or prevent credit allocation.
- Do not fax the application to FTB before escrow closes.
- Do not fax the application to FTB more than once. We will process the applications in the order received as quickly as possible.
- Escrow companies should only send one application per fax transmission.
- The buyer keeps a copy of the completed Form 3528-A for their records.
- The State of California Franchise Tax Board will have a fill able Form 3528-A online soon. In the meantime, if you fill out the form by hand, please print numbers as clearly and neatly as possible using CAPITAL LETTERS and staying between the lines. The faxes can be very hard to read.

For more information please visit the State of California Franchise Tax Board link.

If  you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

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San Diego Home Buyers           San Diego Home Sellers

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San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All Information is believed to be correct but not guaranteed.

$8000 First Time Home Buyer Tax Credit in San Diego

March 4th, 2009

San Diego Real Estate Blog

San Diego - First Time Home Buyers Only – 8000 Dollars !

The $787,000,000,000 stimulus bill signed into law has some benefits for first time home buyers. In the bill signed by Obama there is an $8000 first time home 8000 Dollar First Time Home Buyer Tax Incentivebuyer tax credit. This $8000 amount was sized down from $15000 in the original version of the stimulus package. Here in San Diego County California and rich foreclosure environments like Chula Vista in South County San Diego welcomes this first time home buyer $8,000 tax credit incentive.

Some of the details are that the home purchased must be the first time home buyers principal residence. There is a cap of $8,000 if the purchase price is higher than $800,000. A first time home buyer in San Diego or anywhere in the U.S. would be someone who has not owned a principal residence for 3 years. This will only apply to home buyers buying in 2009 so if you’re sitting on the fence of San Diego home buyers this could be the thing that gets you down off the fence and back in the market.

There are also income limits that state single buyers need a modified adjusted gross income of $75,000 or less to qualify for full credit and $150,000 for married couples. If buyers make more income than the amounts stated they could be eligible for reduced credits. Make sure you talk to your accountant about this. The $8000 tax credit is refundable. Buyers will have to own the home for at least 3 years if they want to capitalize fully on the tax incentive. The tax credit will have to be returned to the government if they sell early. There are situations that will be exceptions to this rule.

Make sure you contact professional tax consultants for full factual information on this $8,000 First Time Home Buyer Tax Credit.

If  you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

San Diego Foreclosures

San Diego REO Listing Agent

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All Information is believed to be correct but not guaranteed.

San Diego Short Sale Homes

February 22nd, 2009

San Diego Short SalesSan Diego Real Estate Blog

Many people hear short sales and think “shorts for sale” these are not shorts for sale in San Diego. They are short sales or selling your home short of what is owed on it to the bank.

The San Diego MLS is filled with Short Sale Homes. Many buyers think that most of the homes for sale in San Diego Foreclosures or bank owned homes. The fact is that there are many more short sales in San Diego County than there are foreclosures. When buying a short sale home in San Diego there are many things that need to be taken into consideration. Things that you will need an experienced San Diego Short Sale Realtor to help you with. There are many reasons why a short sale home can be a better option over a bank owned home.

A short sale home is a home that is listed for sale and will sell for less money than what is owed by the homeowner to the bank or mortgage company. San Diego has many short sale homes on the market and will continue to through 2009, 2010, 2011 and maybe even further down the line. If the home doesn’t sell as a short sale it will in most cases become a foreclosure and will be taken back by the bank and become an REO or Real Estate Owned on the banks books. The banks will then sell this home or hire a San Diego REO Listing Agent to sell the home as a foreclosure.

Some of the benefits of buying a short sale home over an REO are that in many cases because the homeowner still owns the home the homes are in better condition. The homeowner wants their home sold before the bank forecloses on it and in most cases will have it well kept during the short sale process and in many cases be living in it. This is not always the case but it is more likely that a San Diego Short Sale is in better condition than a San Diego REO. The process for buying a short sale is usually much longer than buying a foreclosure. There is much more negotiation and bank processing time when purchasing a short sale.

If you are considering buying a San Diego Short Sale Home make sure you contact us. We have many to show you.

If  you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtor.

San Diego Foreclosures

San Diego REO Listing Agent

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All Information is believed to be correct but not guaranteed.

List of San Diego Foreclosures

February 17th, 2009

San Diego Real Estate BlogList of San Diego Foreclosures

Do you want a list of San Diego Foreclosures? If so we can help you with that. There are thousands of foreclosures in San Diego County and the list changes every day. We thought about putting a daily San Diego foreclosure list together but then thought why not just give the San Diego foreclosure search tools to the buyers. That way a buyer looking for a foreclosure in San Diego or even the whole state of California can search foreclosures by zip code, price, size and any other possible search criteria.

This service costs us money but we feel that if a client wants to search for a foreclosure, why not give them the tools real estate experts use. Buyers then know how serious we are about helping them find a San Diego foreclosure by letting them use our expensive foreclosure analyzer tools for free. A list of foreclosures in San Diego is ineffective compared to how these tools can help you locate the perfect San Diego foreclosure. When you’re ready to buy a San Diego Foreclosure make sure you call us the San Diego Foreclosure Experts!

San Diego Foreclosure Search Tool

If  you need help buying a home or condo in the San Diego area make sure you contact us we’re your San Diego Realtors.

San Diego Real Estate                     San Diego MLS

San Diego Listing Book                    San Diego Relocation

San Diego Home Buyers                  San Diego Home Sellers

San Diego House Values                 San Diego Real Estate Blog

San Diego Foreclosures                   San Diego Short Sales

San Diego Realtors                          San Diego REO Listing Agent

All Information is believed to be correct but not guaranteed.

San Diego Realtors

February 2nd, 2009

Dawn Lewis San Diego Realtor Top Producer

San Diego Realtors 

Dawn Lewis - San Diego Realtor® Since 1989

Hi,

I’m Dawn Lewis and I’m a San Diego Realtor. You have just found the best San Diego Real Estate web site for searching for San Diego Real Estate. I hope it helps you with your San Diego home or condo search and answers questions you have about San Diego real estate. Please use the tools and features like the San Diego MLS with its great maps and community information.

My Experience:

Realtor® in San Diego Since 1989
SOLD well over 1,500 Homes
San Diego Top Producer
San Diego Relocation Expert
Top Real Estate Negotiator
San Diego New Home Sales Expert
San Diego REO Listing Agent
San Diego Foreclosure Expert
Short Sale and Foreclosure Expert
Winner of many Real Estate Awards in Sales and Customer Service

As you can see I have been a real estate agent in San Diego for quite some time. Please put my experience to work for you and give me a call today.

I love what I do and I would love to help you.

Dawn Lewis
San Diego Realtor®

Start your San Diego Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.

Low Interest Rates in 2009 for San Diego Home Buyers

February 1st, 2009

San Diego Real Estate Blog
San Diego First Time Home Buyers 2009
Home buyers in San Diego are enjoying the low interest rates in 2009. Many home buyers have been sitting on the fence for quite some time and many San Diego home buyers are saying yes in 2009. During the first month of January in 2009 I have noticed an increase in buyers looking into buying a home in San Diego. With foreclosures and short sales dominating many of the areas and price ranges the pickings are ripe.

The interest rates being low allow a potential home buyer to have a lower monthly payment or buy a more expensive home. This basically means they can get more for their money or buy the same size home they have had their eye on and have a lower monthly house payment. I have worked with many San Diego first time home buyers and have found that they are amazed that they are able to buy a home at such an affordable price and such a low monthly payment. Just a couple of years ago many first time home buyers thought they were priced out of the San Diego Real Estate Market forever. Now many can buy and have a monthly payment for what they’re renting for.

If you’re interested in buying a San Diego home or condos contact us today.
Start your San Diego Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.

Home Bargains in San Diego County

January 29th, 2009

San Diego Real Estate Blog
San Diego Real Estate Bargains
This year should be a banner year for Real Estate bargains in San Diego County. Home and condos continue to drop in most areas of San Diego County. Some of the smaller homes in the lower end of the price range are starting to solidify in some San Diego areas. This parachute to the freefall is in the first time home buyer price ranges of $200,000 to $400,000 and is a sign of stabilization. Summer 2009 should be a clear indication on where the San Diego real estate market is and where it’s going.

The upper end homes in San Diego County are in continuous freefall in many areas of the county. I recently did a BPO in North County Coastal and found homes selling in the $1.3 Million range just a couple of years ago now in the $600 range. The inventory there still tells me there’s a lot more room to drop. Some areas have upper end homes that are bargains and that shouldn’t drop too much more. You just need to know where.

When you are ready to buy a bargain home or condo in San Diego make sure you contact us. We are the San Diego Real Estate Experts!

Start your San Diego Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.

San Diego Foreclosures

January 26th, 2009

San Diego Real Estate Blog

The San Diego Foreclosure Market is heating up. 2009 will be a great year to buy a San Diego Foreclosuresforeclosure in San Diego. The foreclosures are on the rise and many of the homes you have been seeing as short sales in San Diego County will soon be foreclosures in San Diego County. I have a great San Diego Foreclosure Search Tool on my San Diego Real Estate Web Site and the pre-foreclosures are massing. Some of the lenders have postponed their foreclosure evictions until early 2009 and the inventory is building and should be robust by the summer of 2009.

When considering the purchase of a foreclosure you need an experienced REO Agent with an experienced REO Team. That’s where Dawn Lewis and her San Diego Foreclosure Team will help you find just the right REO or foreclosure for you. Offers written on REO homes and condos need to be packaged correctly for asset managers who handle the REO offers and we can package them up to make your offer stand out. When is comes time to buy a foreclosure in San Diego contact us. We’re #1 in San Diego REO’s and Foreclosures!

Start your San Diego Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.

About San Diego Real Estate Blog

January 20th, 2009

San Diego Real Estate Blog

About San Diego Real Estate BlogAbout San Diego Real Estate Blog

The San Diego Real Estate Blog is a Web Log about Real Estate in San Diego County California. Posts about buying real estate in San Diego and Selling Real Estate as well as all aspects of the market are presented daily to interested Blog readers. This San Diego Real Estate Blog is considered one the most detailed and accurate in the Blogosphere. When reader want information on real estate related information in the San Diego area this is the Blog they click to.

Some of the Top Blog Catagories are:

Start your San Diego Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.

The San Diego Foreclosure Boom

January 20th, 2009

San Diego Real Estate Blog

Fast growth comes to an end creating “The San Diego Foreclosure Boom”. The fast San Diego Foreclosure Boomgrowth that we saw here in Southern California and particularly San Diego has come to an end. The skyscrapers in Downtown San Diego that were forever changing the city skyline form year to year have slowed to a snails pace and the ones that are still building wish they hadn’t. The new master planned communities that allowed so many families to achieve the dream of homeownership in beautiful well thought out communities with parks and pools and brand new schools. They grew from all parts of the county from the old ranches in Chula Vista to the big movie star estates in North County Coastal and inland a ways.

Now that the fast growth is over where is the growth now? The growth has slowed and is even non existent in many areas of the county but the massive growth from recent years gone by has created another boom a more affordable boom. The San Diego Foreclosure Boom. Homes are now in some areas half the price they were only 2 years ago and the master planned communities with all the great parks and pools and schools are still there and are just as beautiful as there were then. First time home buyers are buying homes at steep discounts and families that had to short sell their homes 2 years ago are now jumping back into the market to buy again. What’s also fueling this foreclosure boom are all of the investors pulling money out of the pockets of the crooks on Wall Street and buying real estate that they truly have some control over. The San Diego Foreclosure Boom is on. Make sure you get yours before it’s over.
Start your San Diego Foreclosure Search today.

San Diego REO Listing Agent

Please use the links below to help you with your San Diego Real Estate Search and Information from your San Diego Realtor.

San Diego Real Estate               San Diego MLS 

San Diego Relocation                San Diego Home Search by Map

San Diego Home Buyers           San Diego Home Sellers

San Diego House Values           Local Real Estate Information

San Diego Real Estate Blog      San Diego Short Sales

San Diego Foreclosures            San Diego Green Homes

All information is believed to be correct but not guaranteed.