Don’t forget that next year the capital gains tax goes from 15% TO 20%. So sell it this year or think about doing an exchange in the future.
Don’t get too excited about the extension of the “closing” date on the Federal Tax incentive of $ 8,000, you still needed to be in escrow by April 30th. California still has the $10,000 tax credit for purchases before 12/31, however, there isn’t much money left. Act quickly! See all the details at the State’s website .
If you are looking at “National Numbers” to try and figure out what is going on in California, you need to look again. Check out California real estate statistics at the California Association of Realtors website. San Diego is leading the rest of the large markets by 3 to 6 months, but , we still can’t figure out exactly what San Diego is doing. Many of the forecasters think it is doing well though. Prices are still very low, but finding inventory is not that easy as many homeowners do not want to sell at current prices. Interest rates are still rediculously low.
- SOCAL appears to be past the “bottom”
It looks like there already was a bottom and a small second bottom. Let’s see where it goes from here. See more CA stats at the Dataquick site
