Santa Cruz Property Sales Numbers Rise

The number of existing home sales climbed more than expected in March after three straight months of declines, as the home buyer tax credit incentives drew in real estate buyers and started a strong spring buying season.

The National Association of Realtors said Thursday that sales of previously occupied homes rose 6.8% to a seasonally adjusted annual rate of 5.35 million last month, the highest level since December. February's sales figures were revised downward slightly to 5.01 million.

Sales are up 18% from their low in the beginning of 2009, yet are still down 26% from their peak in the fall of 2005. March results had been expected to rise about 5% to 5.28 million, according to economists.

Sales rose in every region, including Santa Cruz County homes, surging more than 7% in the Midwest and South, 6.6% in the West and 6% in the Northeast.

For several months, home buyers have not felt rushed after the extension of the deadline to qualify for home buyer tax incentives. The government is offering a $8,000 credit for first-time buyers and $6,500 for current homeowners willing to buy and move into another property.

But now time is running out. Buyers must sign contract offers by April 30 to qualify.

10 days Left For Santa Cruz Real Estate Tax Credit

The deadline is quickly approaching for Santa Cruz property buyers interested in receiving the $8,000 and $6,500 first and second-time homebuyer tax credit. Purchase agreements must be signed by April 30, 2010.

First and second-time home buyers have to sign their purchase agreement by April 30, 2010 and close the escrow by June 30, 2010 in order to qualify for the real estate tax credits. Home buyers will get up to an $8,000 check in the mail for first-time home buyers, $6,500 for repeat home buyers.

This is the second phase of this credit. It was extended in November 2009, but most experts agree it is not likely to be extended again.

Those who sign a purchase agreement and close on a house in time can amend their 2009 tax returns and get their tax credit now.

If you need a Santa Cruz Realtor to assist you with finding a home to take advantage of the homebuyer tax credit I can help.