Why the Stimulus Makes This a Great Time for First-Time Santa Cruz Real Estate Buyers

Posted by Lauren Spencer on Friday, March 27th, 2009 at 4:28pm.

There are great incentives for first-time Santa Cruz real estate buyers. Big tax incentives and money put into the banking and financing industries to give buyers more availability to loans makes now the best time to move when looking for a home. This environment won't last—exactly. Some of the elements put in place are geared toward a strong future for the housing market, but many of the advantages are only good for now.

Tax Relief

First-time Santa Cruz real estate buyers, meaning those who have not owned a home in the past three years, are eligible for a big tax break on income taxes. Next year at tax time all buyers have to do is report the new home purchase to get $8,000 dollars back. That's a big incentive. The drawback is it’s only good for this year. It is retroactive to the beginning of 2009 so even if you have already bought that home you can still claim it, but if you drag your feet hoping for better mortgage financing, or just a better time for your family to get a new home, you will miss out after December 31, 2009.

Affordable Housing

Right now is the time to buy because of prices, too. Thanks to the failings of the housing market, there are tons of homes for sale at prices they would not normally be listed at. If the stimulus plan improves the economy the way it is hoped it will, that won't last. That's great news for homeowners, but not great for those who wait to take advantage of the greatly reduced home prices.

Santa Cruz real estate buyers need to take advantages of all that 2009 and the current real estate market have to offer. There are great deals that will never happen again—hopefully. 

If you’re interested in taking advantage of the 2009 stimulus plan, I can help.  Call me at 831.662.6522 or email me at lauren@laurenspencer.com for more information.

LINKS:

Big tax break on income taxes

Mortgage financing

Stimulus plan

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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