CEO/Publisher’s Letter
New Homes
Tax Credits For First-Time Buyers & Current Homeowners
FEBRUARY | MARCH 2010
–Expected to Boost Spring Sales
As we were taking this issue to press I was pleased to discover some reassuring
President
news in the headlines—the National Association of Realtors reported an increase Michael McDonell
in pending home sales for December. The increase in sales contracts during the
mdmsf@pacbell.net
traditionally slow month of December marked the ninth improvement over the past CEO, Publisher
10 months, a sign of slow, sustainable growth which should translate to steady sales
Victoria St. John
vstjohn@pacbell.net
heading into spring.
SMAR
Contributing to the boost in sales are federal tax credits aimed at fiT rst time
Editor
Valerie Braz
buyers and current homeowners. The tax credits—$8,000 for fi rst time buyers and
valerie@newhomesmag.com
$6,500 for homeo
TIME
wners—will expire in April 2010, so there’s still time to take
Director of Web Services
advantage of these exciting programs.
Linda Engelman
linda@newhomesmag.com
T
The fi
O BUY!
rst-time buyer tax credit applies to those who have not owned a principal
residence during the three-year period prior to the purchase. The fi rst-time buyer credit
Regional Manager/Northern California
Mickey O’Regan
is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
mickey@newhomesmag.com
The benefi t for existing homeowners is available to those who’ve owned and
Graphic Designer
resided in a home for any fi ve-consecutive year period during the last eight years. The Orlando Ramos
credit is equal to 10 percent of the home’s purchase price, up
orlando@newhomesmag.com
to a maximum of $6,500. Repeat homebuyers are NOT
Bookkeeper
required to purchase a more expensive home to qualify
Moira Martin
mmartin@newhomesmag.com
HURRY!
for the credit, an aspect of the program that’s especially
Accounting
appealing to buyers looking to downsize.
Oanh Vu
T
ax C
r
edits
And there’s more good news—those who didn’t
oanh@newhomesmag.com
Expir
e in
qualify for prior legislation may now be eligible due to Sales Administrator
increases in the income limitations. The new income limit
Cathy Henderson
cathy@newhomesmag.com
April!
for individual taxpayers is $125,000 and the limit for joint
fi lers is now $225,000. Partial credits are available for some
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taxpayers whose modifi ed adjusted gross incomes exceed the
limits, so check with your tax advisor if you’re close.
Corporate:
181 Butcher Road, Vacaville, CA 95687
For buyers considering a new home that’s still under construction, as long as a
(707) 451-9990 Fax: (707) 451-9922
email :
info@newhomesmag.com
binding contract is signed by April 30, 2010, a home purchase completed by June
Website:
www.newhomesmag.com
30, 2010 will qualify. For more details on the tax credit program visit
San Francisco:
(415) 563-0367
www.federalhousingtaxcredit.com.
email :
mdmsf@pacbell.net
Other factors spurring home sales are historically low interest rates and
Southern California:
attractive home pricing. Builders are still offering great deals on new homes and MDM Publications, Inc. | President Daniel B. Ciauri
with interest rates hovering around 5% for a 30-year fi xed rate conventional loan (at
3151 Airway Avenue, Suite C-3,
Costa Mesa, CA 92626
press time), potential buyers in many Northern California cities are discovering they
(714) 751-5813 Fax (714) 755-5500
email:
info@socalnewhomes.com
can purchase a new home for a lot less than they expected.
www.newhomesca.com
If you’re ready to explore the benefi ts of homeownership, New Homes Magazine
is a great starting point. You’ll fi nd over 100 new neighborhoods to compare in this
issue—and if that’s not enough, simply visit New Homes Online at
www.newhomesmag.com to discover even more new home communities. New
mdm communications, Inc.
Homes Online offers tools to search by location and price, as well as links to top
Chairman of the Board: Michael McDonell
builder web sites. You can even sign up for our free email newsletter or request a free
New Homes Magazine is pledged to the letter and spirit of U.S. Policy for
the achievement of equal housing opportunity throughout the nation. We
encourage and support an affi rmative advertising and marketing program
subscription to New Homes Magazine and have our next issue delivered to your door.
in which there are no barriers to obtaining housing because of race, color,
religion, sex, or national origin.
It’s a great time to be a home shopper. With so many incredible home deals—
The feature stories that appear in New Homes Magazine are paid
advertising. The listing of any ad or feature story does not constitute an
and resources like New Homes to make your shopping experience easier—you’re in
endorsement by the publisher or its employees. In some cases, the photos
featured in New Homes are representative of builder product. Not all homes
pictured are available for purchase.
the market at just the right time!
Prices and terms that are mentioned in the advertising and editorial of
New Homes Magazine can be subject to change due to the time element
Victoria St. John
involved between the date material is submitted and the date of publication.
This is not a usual practice but can occur.
Subscriptions available. Call (707) 451-9990 for information.
CEO/Publisher
©2010 mdm Communications, Inc. All rights reserved. Reproduction in whole
or part without permission is prohibited.
Founder: Thomas Oscar Menzies 1939-1995
P.S. Be sure to let the sales representatives know you saw it in New Homes
Magazine. After you close escrow, complete the coupon on page 8 and we’ll send
you a housewarming gift—a $25 gift certifi cate for Macy’s or Lowe’s.
6 | NEW HOMES
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