California real estate agent specializing in Oak Park homes explains requirements for extended $8000 tax credit

Oak Park, California - The news that the $8000 tax credit program was extended may be a few weeks old, but Carol Lee, a real estate agent in Oak Park California says many would-be buyers still don't realize that the program was not only extended but expanded to reach more buyers. But the change, designed to boost home sales, requires action sooner rather than later in order to participate.

Lee, whose specialty is as a Thousand Oaks and Oak Park real estate listing agent, says that under the newly revised program announced on November 6, first time buyers may be eligible for an $8000 tax credit on purchases where the contract is signed prior to April 30 of next year.

"The question I get most often is when the new deadline is." She says the sale must close by the end of June.

"This is basically a way to get potential buyers off the sidelines to make a purchase by offering a little incentive for that first home, trade-up, or any other type of purchase" Lee says. She adds that it's important to work with an agent who follows the news and reads the rules, though. "Unfortunately, there were people who bought Oak Park homes during the first program who thought they qualified, but will need to give back a portion of the tax credit on their next tax return. I work very hard to avoid situations like that."

Lee says she makes it a top priority to explain the tax credit program to her home buyers in easy-to-understand terms because they are trusting her expertise to help make their financial decision. "The process should absolutely be easy and painless. I know exactly what it's like to buy a home for the first time, and it's an enormous commitment."

She says the expanded portion of the program is that you don't have to be a first time homebuyer to meet the requirements to get the tax credit. Although certain rules have been added for existing homeowners who want to trade up, a credit may be available for them.

According to the government documentation of the program, Lee says that existing homeowners who have stayed in one home for at least 5 years may qualify for $6500 toward the purchase of their new home.

"Income limits are the same for existing homeowners as well as first time homebuyers. A buyer who is single can make up to $125000 annually, while a married couple can make no more than $225000 if they want to get the credit."

Will the new program extension stimulate the sale of more Oak Park homes? Lee is optimistic about it.

"Here in the Golden State, we saw a lot of activity from first-time buyers purchasing Oak Park homes during the initial program. Bargains are still just as plentiful now," she says. "I see no reason that the tax credit shouldn't give another boost to the Ventura County real estate market.