New home buyers will burn through the California state tax credit no later than May 20, according to the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).
I am not surprised by this report. I’ve done the math. The credit is limited to $100M for resale homes and $100M for new homes. $100M divided by $10,000 = 10,000. Only 10,000 homebuyers who are buying regular homes and only 10,000 people who are buying new homes will get the credit. 20,000 people in all of California! Your odds are better if you buy one of the “win a home” raffle tickets to support a local charity.
What do you think?
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