The Housing Affordability Fund of the California Association of Realtors is in the process of instituting a Seller Incentive Program that will reward owners who use a Realtor to sell to a first-time homebuyer or someone who hasn’t owned a home in the past three years.
This incentive will be a payment after the close of escrow of 2.5 percent of the sales price on properties sold for $600,000 or less.
The Housing Affordability Fund of the California Association of Realtors is allocating $500,000 on a first come, first served basis with a program expiration of March 31, 2015.
Since this incentive payment will be cash to the sellers after closing, the buyers can use their eligibility as a negotiating incentive with their offer. Further conditions are described in the program flyer and application.
This program should be in full swing by Oct. 1, so here is an opportunity to get a head start and avoid the rush.
Although there are only seven single-family homes for sale in the Santa Barbara metro area (South Coast) under $600,000, there are 68 condos, co-ops and PUDs that qualify.
With interest rates in the low fours and a respectable choice of properties, now is the time for first-time homebuyers to take advantage of this temporary opportunity.
— Ed Fuller is a real estate broker with San Roque Realty Inc. and president of the Santa Barbara Association of Realtors. Contact him at ed@sanroquerealty.com or 805.687.1551. The opinions expressed are his own.