Apr
26
Great Deals for New Homes in California
Filed Under Aliso Viejo, Antioch, Benicia, Brea, Brentwood, California, Carlsbad, Carmel Mountain Ranch, Chino, Corona, El Dorado Hills, Escondido, Glen Ivy, La Habra, La Quinta, Laguna Hills, Lathrop, Livermore, Menifee, Moorpark, Mountain House, Mountain View, Newport Coast, Nipomo, Oakley, Oxnard, Patterson, Rancho Cucamonga, Rialto, Rio Vista, Rocklin, Roseville, Sacramento, San Diego, San Marcos, Santa Ana, Santa Clara, Simi Valley, Winchester, Yorba Linda |
If you live, or want to live, in California and are in the market for a new home, now is definitely the time to buy. Not only are home prices at a low, but if you me certain conditions, you may be able to qualify for federal AND state tax credits — as long you close between May 1 and June 30
California New Home Tax Credits specifics:
The tax credit is equal to 5 percent of the purchase price or $10,000, whichever is less, taken over three successive tax years.
The tax credit is available to first-time buyers of existing homes and first-time and repeat buyers of new homes purchased on or after May 1 and before Jan. 1.
There is no income limit.
Federal New Home Tax Credits specifics:
A federal tax credit of 10 percent of a home’s purchase price to a maximum of $8,000 for first-time buyers and up to $6,500 for repeat buyers.
First-time buyers are defined as not having owned a principal residence for three years, and repeat home buyers must have owned and resided in the same house for at least five consecutive years of the last eight years.
Homes that qualify must be subject to a binding sales contract by April 30, with escrow closed by June 30.
Income limit for the full credit is $125,000 a year for a single buyer and $225,000 for married people who file joint tax returns. The tax credit is reduced for those with higher incomes.
California new homes are available throughout the state including the areas of:
- Central Coast
- Los Angeles
- Ventura
- Orange County
- Riverside
- San Bernardino
- Sacramento
- San Francisco Bay Area
- San Diego
And, if the tax credits aren’t enough enticement, know that many new homes in California are built to save you money as they are energy-wiser, using such materials as energy-saving insulation, heating and air-conditioning systems, and energy-saving water heaters and appliances. These California new homes are also “eco-friendlier” – using certified wood products from sustainable forests, recycled construction material and water conserving appliances and fixtures.
To learn more about new homes in California and how they are helping to reduce the carbon footprint, visit www.SheaHomes.com.
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