Palm Springs Area Real Estate

REALTOR® Magazine-Daily News-IRS Sets New Rules for Tax Credit

REALTOR® Magazine-Daily News-IRS Sets New Rules for Tax Credit

The President of the California Association of Realtors, James Liptak explains what does the Tax Credit Extension and Expansion mean: "As it now stands, the federal tax credit will be extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will be eligible for a reduced credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits from $75,000 for single tax filers and $150,000 for joint filers to $125,000 and $225,000, respectively. The purchase price of the home is capped at $800,000 in both instances. Under additional provisions included in the bill, taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. The legislation maintains t

In a 98-0 vote the Senate today voted to pass the Extension of the Tax Credit for home buyers, and it is expected to pass in Congress and be signed by President Obama on Friday. More details of the extension will follow. That is great News for First Time Home buyers who were trumped by investors paying cash for affordable housing. Now they get a second chance. At least in our Palm Springs area, it was frustrating for many first time buyers who qualified with flying colors to purchase a home. Many submitted offers on Bank Owned houses, contended with the frustrations of the waiting period, only to find out that their offer was trumped by investors paying cash and winning the properties for less than the asking price. That scenario was getting very familiar during the past couple of months, when buyers were trying to stay within the Tax credit deadline date of November 30. Now these folks will have some more breathing room, and the economy might get another shot in its recove

La Quinta Halloween Pumpkin Patch  Saturday October 24, 2009 from 10AM to 3PM at Tarbell Realtors . Featuring a Haunted House, free Pumpkins for the kids, Japanese tattoos, a Costume Contest and a lot more, see the flyer below: Bring the kids and join us for a fun filled and safe Halloween  celebration . Don't forget to bring a can of food for Martha's kitchen. Hot Palm Springs Homes

According to  Lawrence Yun , Chief Economist , National Association of Realtors ; " The Pending Home Sales Index in the Northeast jumped 8.2 percent to 85.3 in August and is 12.0 percent higher than August 2008. In the Midwest the index rose 3.1 percent to 90.8 in August and is 7.6 percent above a year ago. In the South, pending home sales increased 0.8 percent to an index of 104.6 and is 8.2 percent above August 2008. In the West the index surged 16.0 percent to 130.5 and is 22.3 percent above a year ago." Lawrence Yun, NAR's Chief Economist talks about the rise in the Pending Home Sales Index for the seventh straight month & the need of the extension and expansion of the $8,000 Tax Credit. Source: Realtor.Org Magazine

What is it like to retire in the Palm Springs Area? 350 days of sunshine, glorious sunsets, 365 days of golfing , great restaurants, and entertainment at its best,  Real Estate prices are low, but we are seeing a shrinking in the inventory of homes coming for sale. Money Magazine   voted Palm Springs as No 2 among the 25 best places to retire , with Port Charlotte, FL  coming as No 1. The article talks specifically about the city of Palm Springs, though to most non-residents , when they refer to Palm Springs, it could mean any of it's sister desert cities.  Due to it's popularity since the early 1900s,  Palm Springs   has become the flag name for the whole Coachella Valley which is made up of nine cities;  Rancho Mirage , Indian Wells , Palm Desert , La Quinta, Cathedral City, Indio, Desert Hot Springs and Coachella . All nine cities have become extensions of each other, yet each city has managed it's own uniqueness. I would like to extend an invitation to anyon

Some California homeowners who have fallen on some hard times yet are still trying to do the right thing and opt for loan modification instead of walking out and having their homes foreclosed , are finding themselves victims to yet another loan modification scam. This time by attorneys . The  State Bar of California grew very concerned at the number of lawyers participating in loan modification scams that they felt they needed to publicize the names of 16  such attorneys who are being investigated http://calbar.ca.gov/state/calbar/calbar_generic.jsp?cid=10144&n=96395  Some advice to homeowners seeking loan modification 1- Beware of telemarketers selling loan modification . 2- Before you contact any company for loan modification , check them out. Call the Better Business Bureau. If it's an attorney contact the Bar association . 3- Contact the government agencies  http://hud.gov and get a list of reputable companies 4- Contact your real estate agent who might have add

1- Time is running out on the $8000 Cash Tax Credit . It Is only good for homes that have a Closing date before Dec. 1, 2009 . 2- The average closing takes anywhere from 45 days to 3 or 4 months depending whether your Offer is on a Straight Forward Home Purchase, Short Sale or Bank Owned Property. 3- The FHA 3.5% down payment eliminates the high cash down payment you would otherwise require. 4- Programs that allow you to borrow against the $8000 Tax Credit for closing cost are now available. 5- The number of affordable houses is dwindling. 6- Interest Rates could start inching up due to inflation and other factors. 7- The combination of low home prices , low interest rates , low down payment on homes, and the $8000 Tax credit is an unprecedented opportunity for First time buyers, especially renters who want to own their home. Hot Palm Springs Homes