The real estate market has continued to improve over the past year, but now that the Federal first-time buyer tax credit is OVER where will we go from here? With only about 1/2 of the California State "first time buyer" tax credit left will our market dip again?
May was an off-the-charts month for my business, personally, our escrow office was swamped and my office had the highest number of closings in the past 2 years. Of course, many of these transactions were taking advantage of the federal AND state tax credits, a lucky select few have been able to take advantage of BOTH credits, saving up to $18k. We will know by July 1st how the market will react post-federal tax credit (credit expires June 30th) and by that time the state money will be running low as well.
A big positive I have seen is far more "regular" sales in condos in Point Loma, Ocean Beach and nearby. I recently took a client out to look at 6 condos and EVERY SINGLE ONE was a REGULAR SALE... this was unheard of last year.
If you have any questions or are looking to buy or sell please call or email me 619-224-7249 or adegen@coldwellbanker.com
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