California’s Home Buying Tax Credit, still some questions.

Below is a quote from an article in the San Francisco Chronicle about the new home buyers tax credit.  It seems that the verdict is still out as to whether or not this applies to current escrows are only those who go into contract May 1, 2010 or later.  I tried several times yesterday to call the California Association of Realtors attorneys for clarification on this and the lines were always busy.  Then I resolved myself to call our local Assocation of Realtors and was just referred to another website with no answer.  As you can see from the link below it looks like everyone is waiting word from the Franchise Tax Board.  Wouldn’t you think they could write a bill  specifically states this such and the current federal rule states.  Too bad there is so much confusion.  Looks like we are “still waiting”.  I need to know so I can advise my clients as some of them might be better off closing in May instead of April.   

“First come-first served eligible taxpayers must 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.

Watch for clarifications from the states Franchise Tax Board

New California Homebuyer Tax Credit

The following is an article that came to me via First American Title.  Always want to give credit where credit is due.  The one question everyone has is ” does this apply only to those people who go into contract after the Federal Tax Credit goes away on April 30, 2010?  In other words, non “double dipping”.  I need to call the CAR attorneys on this one as a lot of people are confused.  Anyway you look at it, it  is a good thing but the time constraint here is “when the money runs out”, not the dates.  Very important to remember, ie act quickly. 

Gov. Arnold Schwarzenegger signed a new bill this week that would extend the $10,000 homebuyer tax credit to Californians. The state legislature on March 22 passed assembly bill (AB) 183, which gives the Franchise Tax Board authority to extend $200m in tax credits to homebuyers in the Golden State. Buyers of new, unoccupied homes are allocated $100m in credits, and first-time homebuyers of existing homes get another $100m. The credit is extended from May 1, 2010 to Dec. 31, 2010. The credit is available to buyers on a first-come, first-serve basis, and it’s applied in equal amounts over a three-year period. According to the governor’s office, the initial $100m tax credit approved in February 2009 lasted just four months

Were are all the listings? Time is running out!

A lot of REO (foreclosure) agents told me that we would see a “flood” of new listings come on the market the first part of this year.   Well, we are almost done with the first quarter and April 30, 2010 is fast approaching and there arent’ any listings.  Why is that date important?  Well, in order to get the first time home buyer tax credit of $8000 you have to be in contract by April 30 and then close by June 30, 2010.  If there aren’t any listings then people can’t buy and therefore, can’t get the tax credit.    Since Bank of America and Wells Fargo Bank control/own the majority of the  foreclosed homes you gotta wonder why they aren’t putting them on the market.    Is there some conspiracy going on here?  No listings, no sales, no tax credit, saves the government a lot of money?  I wish I knew but food for thought for sure.  So the next BIG question is, will the government extend the credit once again?  I sure hope so.

Upbeat real estate market in Winters, CA

Well, the numbers are in for the first quarter for real estate sales in Winters.  We have been averaging around 2.5 sales a month for the past year or so but in the first quarter of this year we have had 11 closed transactions!  Five of those were in March, which means buyers were out looking for deals in January and February.  In March, we had six closings!   This is good news for everyone as real estate sales always help the economy.   Many people go out and buy things for their new homes so stores like Loew’s and Home Depot do well.   With the summer months ahead people will be working in their gardens too.  Let’s all hope this keeps up.  Currently, we have 18 pending sales.  If you have any other real estate questions don’t hesitate to call me. 

Have a good week.

Hot real estate market in Winters,CA

I just looked over the  list my assistant updates every week of the current listings in Winters.  She was off all last week as it was Easter vacation for her daughter ,who is a senior at Winters High School.  As she said, she was surprised at how much activity there had been.   Well, when I really had a chance to look at her list I had to cross off 8 more listings as I know they are pending.  So what does that mean?  Well, Winters has been averaging about 39 to 41 listings a week and now we are down to around 20 to 25.  When a new listing hits the MLS there is lots of activity to look at it.   Even short sales are getting multiple offers and sometimes they are selling for more than the list price.  It really pays to be working with an active real estate agent who knows the Winters market.   This is good news for sellers.  I see prices leveling out and may be on an upswing.   Give me call if you need more information.  Sandy  Vickrey 530-681-8939.

Another Busy Weekend!

Well, I spent all of last weekend showing property and it looks like most of this weekend will be spent the same way.  However, I did get to go to a fun wedding shower for Erin Autry.  It was a “stock the bar” party.  Lots of good things to drink and glasses to drink them in.   We even got a mini martini shaker as a party favor. 

Afterwards, I met one of my clients and showed them some houses.  Think we may have found them something.    Tomorrow I have 3 appointments with clients.  There some good buys out there but they are going fast.  Call me if you need some help, I don’t have much time to be ont he computer during business hours.

New listing in Winters

I just listed a adorable home located in the core area of Winters.  Come and take a look at 12 Edwards Street, Winters, CA.   It has all new paint and carpet and shows very well.  The master bedroom opens on to a large backyard.  It is located just 2 blocks from the downtown area so you can walk to get your morning coffee or dinner.   Call me to make an appointment to see it, it’s adorable.

Chamber Mixer

Realty World-Camelot Winters, Inc hosted the monthly Chamber Mixer tonight and it was another raving success.  We had lots of raffle prizes that people donated and we had lots of chili.  There were eight different kinds of chili so lots of different ones to try.  We had a prize for the hottest, the must unusual and the people’s favorite.  How you were able to make it.