Santa Maria CA & Orcutt CA New Home Buyer Alert – $10,000 California Tax Credit

The California Association of Realtors reports that the newly signed California budget provides for a tax credit of up to $10,000 for new home buyers. The credit will apply to purchases made between March 1, 2009 through March 1, 2010. Buyers are eligible for a credit equal to 5% of the purchase price of the home u to a mxaimum of $10,000. It does not apply to the purchase of existing homes; but it does apply to any buyer (not just first time buyers) as long as they are purchasing a primary residence.
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Bank Owned Bidding Wars in the Santa Maria – Orcutt CA Foreclosure Market

Is it a great time to buy? Yes. Interest rates are at historic lows, Congress just passed an $8000 tax credit for first time buyers, and prices just keep getting better and better. There are plenty of folks who are taking advantage of this opportunity. As such, jumping into the current market for foreclosure properties in Santa Maria - Orcutt CA can be a rude awakening for potential buyers. Currently, there is a lot of competition for foreclosed properties. REOs comprise the majority of sold properties in the Santa Maria and Orcutt housing market.
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River Oaks Market Update & Santa Maria CA MLS Home Listing Search

Sold listings were on the market an average of 77 days, were about 1900 sq.ft., and sold for about $155 per square foot. 12 of the 17 sold homes were REOs, 3 were closed short sales, and only two were regular sales. 88% of the sold activity in this neghborhood was forelcosure related; so, like many other developments that were built during the housing boom River Oaks is now overloaded with foreclosures during the housing bust.
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Arroyo Grande CA 2008 Market Update & Free MLS Listing Search

In 2008, a total of 276 homes and condos sold in Arroyo Grande, CA. 243 were single family homes, and 33 were condos or in planned unit developments. Average home price was approximately $648,000, $331 per sq ft., and sold after 130 days on market. The lowest resale home price was a 2 bedroom 2 bath bank owned twin home in an age restricted community that was 1064 sq. ft. and sold for $190,000. $650,000 would have purchased a 3 bedroom, 4 bath, 2330 sq. ft. lakeside home with granite countertops and a golf cart bay in the gated golf course community of Cypress Ridge.
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Lompoc CA & Vandenberg Village CA 2008 Market Update & MLS Listing Search

There were a total of 400 homes sold in the Lompoc and Vandenberg Village areas in 2008. 346 were detached dwellings, and 54 were attached residences. Of the 400 sold, 226 were REOs (bank owned) and 31 were short sales. So, a total of 257 out of 400, or 64% were foreclosure related sales. Thus, the Lompoc market is thoroughly dominated by foreclosure activity; it is the primary force moving the market.
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