California Tax Credit Set to Cause Buyer Stampede?

First-time home buyers in California will be able to take advantage of a California tax credit in the next couple months, according to Dawn Wotapka at the Wall Street Journal’s “Developments” blog.

Those qualified buyers who purchase a home can get up to $10,000 in tax credits, starting May 1st.

The Developments blog also reported earlier this week that Governor Schwarzenegger is expected to soon sign a bill giving as much as $10,000 each to first-time buyers of existing homes and any new-home purchaser starting May 1. It’s expected that the new-home portion to be exhausted within five months.

If you’re heading into contract on a first-time home right now, check out the details of the tax credit so you’re prepared to benefit.

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