The Real Estate Market in California
Is California coming to the end of its housing crisis? Well, it's definitely improving and finding its way up the ladder. Over the last 18 months, California has had a dramatic increase in home purchases, primarily because prices have plummeted to affordable rates for the average Californian family. Thanks to the government's stimulus package and tax credit, there are now advantages to purchasing a home in California.
The advantages of buying a home in California now is the government tax break. First time buyers who have not owned a home in the previous three years are eligible for an $8,000 tax credit on their 2009 tax return. The home must be the primary living habitat for the home owner, which includes houseboats, condominiums and trailer houses. Plan your closing carefully between january1, 2009 and December 1, 2009 and you may be eligible as long as you follow the 2008 guidelines set by the IRS for this lucrative incentive.
California home prices have taken a dramatic plunge, but have turned into a great advantage for the residents of the state. California home purchases have increased; making California one of the leading states in the country in revitalizing the real estate market. Most California homes on the market are the result of recent foreclosures and are owned by the finance company; however, most of these homes are in decent, sound neighborhoods providing the opportunity for people improve their living situations. The price reductions vary from county to county; for instance in Yuba county prices decreased by 41.5% making the average price for a home around $158,000. In Sutter County prices plummeted by a whopping 66% making prices as low as $166,000, prices throughout the state of California averages $224,000. It has been many decades since California homes have been this affordable.
Unfortunately, for the people who are still struggling to keep their homes or need to sell because of finances or other circumstances will take a loss in the value of their home. The federal government has created a bail out for these California home owners through credit counseling and low interest financing, but for some it has come too late.
The best bargains on California homes are not always advertised. Get in touch with a real estate agent, or research potential bargains on the California state MLS listing. Frequently for sale signs are not posted on the home, or advertised in the local newspapers; therefore, the property may go unnoticed by prospective buyers. If you do your own research on the California state MLS listing and find the right property for you, a real estate agent can make the arraignments for the buyer to take a tour and make a decision on that piece of property.
The reduction in housing prices in California makes it more affordable to a wider base of people to buy a home in California. It is estimated that a family earning $53,400 annually can now afford to be a California dreamer to purchase a home and comfortably make the mortgage payments.
There are plenty of organizations out there to assist people in the dream of home ownership. Places such as Neighborworks homeownership center, the resale of HUD homes, veterans loans are just some of the places out there to assist in helping people to realize their dream of homeownership.
The advantages of buying a home in California now is the government tax break. First time buyers who have not owned a home in the previous three years are eligible for an $8,000 tax credit on their 2009 tax return. The home must be the primary living habitat for the home owner, which includes houseboats, condominiums and trailer houses. Plan your closing carefully between january1, 2009 and December 1, 2009 and you may be eligible as long as you follow the 2008 guidelines set by the IRS for this lucrative incentive.
California home prices have taken a dramatic plunge, but have turned into a great advantage for the residents of the state. California home purchases have increased; making California one of the leading states in the country in revitalizing the real estate market. Most California homes on the market are the result of recent foreclosures and are owned by the finance company; however, most of these homes are in decent, sound neighborhoods providing the opportunity for people improve their living situations. The price reductions vary from county to county; for instance in Yuba county prices decreased by 41.5% making the average price for a home around $158,000. In Sutter County prices plummeted by a whopping 66% making prices as low as $166,000, prices throughout the state of California averages $224,000. It has been many decades since California homes have been this affordable.
Unfortunately, for the people who are still struggling to keep their homes or need to sell because of finances or other circumstances will take a loss in the value of their home. The federal government has created a bail out for these California home owners through credit counseling and low interest financing, but for some it has come too late.
The best bargains on California homes are not always advertised. Get in touch with a real estate agent, or research potential bargains on the California state MLS listing. Frequently for sale signs are not posted on the home, or advertised in the local newspapers; therefore, the property may go unnoticed by prospective buyers. If you do your own research on the California state MLS listing and find the right property for you, a real estate agent can make the arraignments for the buyer to take a tour and make a decision on that piece of property.
The reduction in housing prices in California makes it more affordable to a wider base of people to buy a home in California. It is estimated that a family earning $53,400 annually can now afford to be a California dreamer to purchase a home and comfortably make the mortgage payments.
There are plenty of organizations out there to assist people in the dream of home ownership. Places such as Neighborworks homeownership center, the resale of HUD homes, veterans loans are just some of the places out there to assist in helping people to realize their dream of homeownership.
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