For those first time homebuyers (i.e. have not owned a home in the past three years) thinking of purchasing San Clemente real estate, you are eligible to receive a full $8,000 tax credit if you purchase by November 30, 2009.  Even if your total tax liability at the end of the year is less than $8,000, the full credit will still be refunded. 

To qualify for the credit for your San Clemente home or condo purchase, you must buy between January 1, 2009 and November 30, 2009.  In addition, buyers must live in the home for at least three years or they will have to repay the credit.  San Clemente buyers must make less than $75,000 if single and $150,000 if a couple to qualify for the entire credit, however, higher income buyers may receive a partial credit.  Receiving the credit will be as easy as filing your 2009 tax return.  Lastly and as mentioned above, you must have not owned a home in the past three years in order to qualify for the credit.

This $8,000 credit improves on the previous $7,500 credit passed back in July as this time it does not have to be repaid.  The biggest hurdle is now coming up with the down payment as the credit cannot be claimed until the close of your San Clemente real estate purchase.  In order to come up with this down payment, don’t forget you could borrow this money from family to be repaid once the credit is received and/or you can take $10,000 if single or $20,000 if married from your 401K for the purchase without being taxed.  Nevertheless, this credit should be viewed as a discount for your home purchase as well as a source of additional cash flow in the early years of owning a home for unexpected expenses or fixing up the place.

For more information on purchasing a San Clemente home or condo and applying this credit, including in the community of Talega, please do not hestitate to contact your exclusive San Clemente real estate agents. 

San Clemente real estate, including Talega real estate, for the month ended January 2009 performed relatively consistent with January 2008.  During the month, 31 San Clemente homes and condos were sold as compared to 30 in January 2008, representing a 3.3% increase.  The average sales price during the month was significantly less at $660,512 compared to January 2008 of $941,872.  Buyers and sellers should note, however, this can be attributed primarily to more San Clemente foreclosures and short-sales closing which tend to be concentrated in the $350,000 - $800,000 price range in addition to the year-0ver-year decrease in average sales price of 16% at the end of 2008.  If you are considering purchasing a San Clemente home or condo for sale, then keep in mind that San Clemente real estate year-over-year price declines are at least half that of Orange County and California real estate.

If you are considering a purchase in the near term, then please note that the average San Clemente home or condo sold during January was at 95.98% of the adjusted listing price and 88.63% of the original listing price.  The buyer should also keep in mind that the average days on market for San Clemente real estate was 98 days at the end of January 2009 as compared to 116 in January 2008, representing a 15.5% decrease.  This decrease is an indicator that we are working our way back to historical average of 80-90 days on market where the market is stable.  Obviously, much of this will be the story to be told during the rest of 2009.

For more information on San Clemente real estate and Talega real estate, please contact your exclusive San Clemente real estate agents and realtors for a free consultation.