LA JOLLA, Seahaus complex.
5440 La Jolla Blvd. # E 103 , La Jolla.
May 17th, 2009 1-4 PM.
- 2 Bedroom, 2 Bathroom
- Built in 2005
- Air Conditioned
- Hardwood floors & granite counters
- Custom light fixtures, decorators paint.
- 2 car garage with lots of storage.
- Close to restaurants, coffee houses, shopping and only a few blocks from the ocean.
- Community fitness center, pool, spa and BBQ.
Seller will entertain offers between $645,000 and $685,000.
For more information call Judith at 858-354-1100
For those first time* home buyers still skeptical whether NOW is the best time to buy, you can add one more to the growing number of reasons to answer YES when asking yourself if NOW is the best time to purchase.
Offered as a stimulus to help the market’s recovery, the advantage I am referring to comes in the form of a TAX CREDIT available to qualifying buyers making less than $150,000 joint annual income when purchasing a primary residence between April 9, 2008 and June 30, 2009.
Whether it’s a new home or a resale, or a single-family residence or condominium dwelling doesn’t matter as long as it serves as your primary residence.
The TAX CREDIT is actually 10 percent of the purchase price or $7,500 – whichever is less – for married taxpayers filing jointly. For married taxpayers filing separately or single taxpayers, the maximum credit is $3,500.
You can’t just sign a contract to buy a home by June 30, 2009, cutoff date, you must actually close escrow by that deadline to qualify to receive your TAX CREDIT. And the law does allow taxpayers to treat a sale closed in calendar year 2009 as if it occurred on December 31, 2008, meaning you can elect to accelerate to this year’s tax return!
This isn’t a tax deduction, which is subtracted from the amount of your taxable income, it’s a TAX CREDIT, which equates to a dollar-for-dollar reduction in what you owe, and you have 15 years to repay it at the rate of $500 per year.
However, you won’t be required to start making payments until two years after the credit is claimed. If you sell the home during the 15-year payback period, the remaining unpaid credit balance is due from the proceeds of the sale.
If this interest-free loan from Uncle Sam doesn’t sound like such a good deal, consider this example posted by the NAHB:
Assuming an interest rate of 7 percent and a maximum credit, you will save $4,200 in interest payments over the full payback period. Compare this to financing $7,500 as part of a 30-year, 7 percent mortgage, the credit is worth more than $8,100 in interest payments.
So buying your long awaited home NOW means you could wipe out what you will owe in taxes this year by as much as $7,500, or you may even qualify to get a check in the mail from Uncle Sam.
*You qualify as a First Time Homebuyer if you have not had an ownership interest in a primary residence in the three years immediately proceeding your closing date.