John Bogner's Blog

Governor Schwarzenegger signed AB 183 into law today! This will give first time home buyers a tax credit of 5% of the purchase price (or $10,000, whichever is less). It also gives the same tax credit to buyers purchasing a newly built (never lived in) home as a primary residence. In the Ukiah area, you can purchase a entry-level home for around $175,000…that would mean a $8750 tax credit! Not bad.

We don’t have many unsold new homes in our area, so that part won’t help the Ukiah real estate market; but it will make a difference in many parts of California, especially in areas like the Central Valley where there are hundreds of new homes unsold.