Too many emoticons? =) what say you?

I found this fun video.  Check it out, it’s only 3 minutes.

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Credit Crisis Made Simple

I found this video which helps explain the credit crisis.  Hope it helps you too:

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

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Some Light in the California Housing Market?

My husband pointed this article out to me from Reuters news service this morning.  It appears that sales of homes in the San Francisco area have increased because the prices have dropped to the point where buying is become more attractive to renters.  I hope you enjoy this article as much as I did.  Let’s hope it bodes well for the rest of us.  We’ll see!!

U.S. renters turn buyers as homes become affordable

by Julie Haviv

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Tech Savvy Realtors – Northern California

Jennifer and I got up early yesterday morning and headed out in a snow storm to attend the first meeting of Coldwell Banker’s “Tech Savvy Realtors” networking group.  The meeting was held in a wonderful restaurant at the Embarcadero in San Francisco called MoMo’s.  The agents in attendance were of various levels of internet competence but all were willing and anxious to learn this new medium.  I am so proud of us, embracing this quantum leap in communicating.  But upon pondering it, we Realtors have always been on the cutting edge of everything.  This is because we have to be in order to be competitive.  We each run our own business and each one of us is looking for a way to distinguish ourselves from the rest of the crowd and looking for a way to excel over the next agent when it comes to marketing our clients’ properties.   It is called survival!

But on this particular day, all of us, Coldwell Banker Agents, came together under the tutiliage and direction of one Kevin Pastel, and began sharing the things that we liked most about the internet and social media and the things that we would really like to know more about.  I say Bravo to us — our clients expect us to stay current with their way of doing things so we must become competent in things like Facebook and Twitter, and we must continue to network by using tools like LinkedIN and Plaxo.

It didn’t hurt that the day was so beautiful in San Francisco.  One of those truly rare days when there is just enough breeze to clear every ounce of smog and fog and present a perfectly clear day — and a perfectly clear view of the city.  

Thank you to all who shared their information.  We look forward to continuing these relationships.

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California Housing Stimulus

In an effort to keep up with the Federal Government’s Stimulus offering, California’s legislature is now offering their own package.  This package is designed to not only encourage home purchases but specifically to try to decrease t he inventory of NEW homes that are currently on the market, thereby helping builders and developers.  Please note, this stimulus is targeting ALL buyers, not only first time buyers.  The only problem is that there is a limited amount of funds available in the state and if the word gets out, these monies could go fast.  So head’s up, here is how to get a $10,000 tax credit by purchasing a new home.  (By the way, if the purchaser just happens to be a first time buyer, he/she can also take advantage of the Federal $8000 credit — more on that one later).  Check it out below:

Tax Credit for New Home Purchase

Last updated: 02/27/2009

We will update this information frequently. Please check this page often.

This tax credit is available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date.

We will accept applications for allocation of credit by fax only (916.845.9754), starting March 1, 2009; however, we will not send notifications of credit allocation until we have developed procedures. Once we begin processing allocation applications, credits will be allocated on a first-come, first-served basis. We will update this page as soon as we begin mailing credit allocation letters.

Tax credit amounts

California allocated $100,000,000 for this tax credit. Buyers must apply for credit allocation from us. Applications will be reviewed and credit allocations will be made on a first-come, first-served basis. Once $100,000,000 has been allocated, the tax credit will no longer be available. Please check this page for updates on the allocated and remaining credits available.

Total credit allocated:	$0
Remaining credit available:	$100,000,000

Note: The remaining credit amount displayed above only reflects allocations processed as of the latest update. This amount does not include applications that have been received, but not yet processed.

California allows qualified new home buyers a total tax credit amount equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal amounts over three successive taxable years (maximum of $3,333 per year) beginning with the taxable year (2009 or 2010) in which the new home is purchased.

How to apply

• Within one week (seven calendar days) after the close of escrow:
  • The seller must complete Part I of Form 3528-A, Application for New Home Credit, certifying that the home has never been occupied, and provide a copy to the buyer or escrow person.
  • The buyer will complete Parts II & III of Form 3528-A.
  • The escrow person on behalf of the seller and buyer will fax the completed Form 3528-A to FTB at 916.845.9754, and provide a copy to the buyer.
• Fax is the only delivery method that will be accepted and considered for credit allocation by FTB, as the date and time stamp on the fax will determine the order in which credits are allocated.
• Fax only one completed application per residence with all qualified buyers listed. Do not include information on nonqualified buyers. An incomplete application may delay or prevent credit allocation.
• Do not fax the application to FTB before escrow closes.
• Do not fax the application to FTB more than once. We will process the applications in the order received as quickly as possible.
• Escrow companies should only send one application per fax transmission.
• The buyer keeps a copy of the completed Form 3528-A for their records.

Application processing

• The buyer will receive notification of credit allocation from us.
• An allocation of credit will not be issued if:
  • The home has been previously occupied.
  • The application is not received within one week after the close of escrow.
  • The application is received after the total credits available ($100,000,000) have been allocated.

Requirements of the credit

• The home must be a “qualified principal residence” as defined under California Revenue and Taxation Code Section 17059(b)(1). The home must:
  • Be a single-family residence, whether detached or attached.
  • Never have been previously occupied.
  • Be occupied by the taxpayer for a minimum of two years.
  • Be eligible for the property tax homeowner’s exemption under California Revenue and Taxation Code Section 218.
• For over three successive taxable years, the total credit allocated among owners that occupy the home must not exceed $10,000. (Multiple qualified buyers that occupy the home will be allocated credit based on the amount paid and their percentage of ownership.)
• Any credit that reduced tax on a tax return must be repaid if the buyer does not occupy the home for at least two years immediately following the purchase date.
• FTB may request documentation to ensure buyers have complied with the requirements of the credit.

Claiming the credit

• The buyer must receive an allocation of credit from us to claim the credit. The credit allocation letter will state the amount they can claim listed by tax year.
• The buyer should refer to Publication 3528 (available by 12/2009) for instructions on claiming the credit.
• The buyer must claim the credit on an original timely filed return, including returns filed on an extension.
• Special rules apply to married/RDP (Registered Domestic Partners) taxpayers filing separately, in which case each spouse is entitled to one-half of the credit, even if their ownership percentages are not equal. For two or more taxpayers who are not married/RDP, the credit amount will have already been allocated to each taxpayer occupying the residence on their respective credit allocation letter.
• If the available credit exceeds the current year net tax, the unused credit may not be carried over to the following year.
• The credit is not refundable.

Definitions

Purchase date:
The date escrow closes.

Qualified buyer:
A taxpayer who purchases a single-family residence, whether detached or attached, that has never been occupied, that is purchased to be the principal residence of the taxpayer for a minimum of two years, and that is eligible for the homeowner’s exemption under California Revenue and Taxation Code Section 218.

Qualified Principal Residence/New Home:
A qualified principal residence means a single-family residence, whether detached or attached, that has never been occupied and is purchased to be the principal residence of the taxpayer for a minimum of two years and is eligible for the property tax homeowner’s exemption.

Contact us

Phone:

• 888.792.4900 (press 5)
• 916.845.4900 (not toll-free)

Email: wscsgen@ftb.ca.gov
This is not a secure email address. Please do not send confidential information

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