Real Estate Information

The La Quinta musuem ha 3 different exhibits that are new. Pioneer families of La Quinta, Abrham Lincoln exhibit and 400 years of Astronomy

Or what about the Library in any of the towns?  There are programs for adults and childdren.

For those hearty souls who play golf in the heat why not play SilverRock?

You can play for only $45 during the rest of June or Thru the summer beginning in July for only $30

Or how about a relaxing Spa day?  Check out the La Quinta Resort Spa or maybe head down to Trilogy to the Coral Spa

The FHA  (Federal Housing Administration) will allow the  $8,000 first-time homebuyer tax credit to be applied directly toward home purchase costs when using an FHA-insured mortgage, the Department of Housing and Urban Development said on Friday. This includes using it for the down payment.

 
The plan give  the tax credit up-front is aimed at more quickly stabilizing the housing market, HUD Secretary Shaun Donovan said in a statement.
But in detailed rules, the buyer would need to come up with an additional 3.5% downpayment  from other sources says the FHA

FHA insured loans are helping alot of buyers and these rules will help fund more than 2 million new loans.

It was reported today (  Hanley Wood Market Intelligence, released data)

June 5th 2009  that the new home builders in town are selling their inventory.  This is after months and months of a slowdown.

Sun City Shadow Hills leads the pack with 23 a month . Trilogy is selling 9 a month. Both are +55 communities.

Demographically the age group, the lifestyle these club offer and the prices are driving the business.

and then comes Mountain View CC  with 6 sold a month

Want a good deal ? (as everyone does!) then look for bank owned properties.

And move fast! The banks want to get rid of their inventory!  However be  prepared to bid at least the asking price and be willing to pay half of the closing fees.

Today there can be multiple offers on a bank owned property and the bank may send you an addendum titled Best and Final Offer. 

You do get answers pretty quickly unlike a short sale!

1. The Tax Credit is for home buyers (either spouse if filing jointly) who have NOT owned a principle residence during the three-year period prior to the purchase. You can buy a  vacation property or rental property.
   
2. The maximum credit is $8,000 or 10% of the home purchase, whichever is less.
   
   
3. The credit is available for homes purchased on or after January 1, 2009 and before December 31, 2009. 
   
   
4. To qualify for the full tax credit, married couples' modified adjusted gross income (MAGI) should be under $150,000 and single filers' MAGI should be less than $75,000. Partial tax credits may be available for married couples with MAGI incomes of over $150,000 but under $170,000 and single filers with incomes over $75,000 but under $95,000.  If married couples who qualify for the first-time tax credit file separately, they would both claim 5% of the home purchase or $4,000 each (whichever is less) on their tax returns.
   
   
5. Home buyers who qualify for this program, but who do not intend to purchase a home till the end of 2009, may elect to alter their tax withholdings (up to the amount of the of the tax credit) in order to save up money for a down payment.  However, if the purchase of the home does not occur, the taxes must be repaid to the IRS.
   
   
6. There is no recapture or repayment clause IF the home is owned for at least 36 months.
   
   
7. The effective date of purchase for new construction (even if buyer owns title to the lot) is the date the owner first occupies the house.  So even if construction began in 2008, as long as the home and buyers qualify for the tax credit, they will be eligible if they take possession any time during 2009.   However, new construction bought from the builder is only eligible if the settlement date (closing) takes place between January 1, 2009 and December 31, 2009.
   
   
8. The law allows taxpayers to elect to treat qualified 2009 purchases as a 2008 purchase so that they can receive the tax credit on their 2008 tax returns.
   
   
9. The full amount of the eligible tax credit is refunded to the buyer, regardless of whether the buyer has paid an equivalent amount in taxes. 

Call me to discuss how this will help you personally".  Susan  760 341 3172

A very common question that comes up frequently is: What is a short sale?

Answer:  A short sale is when a seller still owns the property and asks the bank to take less money than they are owed. Short sales in California  close approx 1 out of every 15.  Not very good odds for the buyer who has made an offer.

So while the buyer is waiting around for the bank (on a short sale)  to accept or counter their offer a couple of things can happen.

You can lose another home you liked at the time. As it is now maybe 4 months later before the bank responds.  Or someone else can swoop in and out bid you or the bank can take it to foreclosure.

Generrally a buyer may want to stay clear of short sales

A bnak owned property is usually the best house for the money

This bill can help you if you live in your home as a primary residence.

Or if you are a first time home buyer

First-time home buyer tax credit, which allows first-time home buyers to receive a tax refund worth up to 10 percent of a home’s purchase price, up to a maximum of $7,500.  The refund serves as an interest-free loan and the homeowner is required to repay it in equal installments over 15 years.

Did you know that in April in the desert there were 25% more homes sold than there were in March? Driven by bank sales and foreclosures many more units sold.  It was up like that surprised everyone as everybody expected units to be down. Golf course communities are least affected. Most of the homes are at lower pricepoints in communites that do not have a golf course The Median price in the Desert is about $300,000. In PGA WEST for instance the Median price is $916,000

So  why don't you use blogs to write positive headlines rather than negative headlines.

The sky is falling , the sky is falling. So says the gloomy headlines that the national news is reporting.  There is no reason for the Palm Springs area to panic. People buy homes when a buyer and a seller can come to grips with the price of the home.

For that to happen sellers have to have more realistic expectations. Buyers have alot of inventory to chose from. And agents have a lot of homes to sort thru when working with a buyer. However there are numerous positives already here, such as the high number of discretionary or second vacation homes, which indicates owners' ability to weather financial pressures.

That is not to say that there aren't short sales or foreclosures where buyers and investors got in over their heads. Buyers who are on the sidelines waiting for prices to go lower may just miss the bottom. Like the stock market it is said you can not time it!  Also you lose the enjoyment of owning that home for the next year!