About Riverside County, CA

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Congress just passed an expanded version of the $8,000 first-time home buyer tax credit that was supposed to expire on November 30^th. Although the tax credit remains at $8,000 for home buyers that have not owned a home in the last three years, it has been expanded to include a $6,500 tax credit for home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years. Under the old rules, move-up home buyers did not qualify.

Here is an example of how the new rules about existing homeowners apply:
Todd purchased a home in 2004, and lived there for the past 5 years as his primary home. If Todd decides to buy a new primary residence today, he would qualify for the $6,500 tax credit based on the fact that he lived in the same residence as his primary home for at least five consecutive years out of the last eight.

The tax credit applies to homes purchased for less than $800,000 before May 1, 2010. The purchase contract must be fully agreed upon and signed by May 1^st and the transaction must close by June 30^th, 2010.

The income limitations have gone up with the new version - for single tax payers previously the income limitation was $75,000 and that was increased to $125,000 under the new rules. For married tax payers, the income limitation went up from $150,000 to $225,000. With the new higher limits, more people will qualify for the credit, especially in areas with higher costs of living.

This is terrific news for buyers in Riverside and Corona and all throughout the Inland Empire. Take advantage of this tax credit as well as very low interest rates and housing prices to buy your first home or move up to a home that better meets your needs.

If you would like to learn more about selling or buying real estate in Riverside or Corona CA, contact me at vicki@pedersen-team.com Click here to visit my website.

The Desert winter Polo Season is here! The Polo season here in the Desert officially begins with the first Tournament, The Road Runner Tournament, which will be played November 21 & 22. Indio, home of the Coachella Valley Music Festival, Phish Festival and Stagecoach Music Festival is also home to the second largest Polo Club in the United States! Florida is the only State that has more fields for it's players.

Eldorado Polo club has 13 fields and the neighboring Empire Polo Club has 4 of it's own. Horses and players begin trailering in, setting up housing for themselves and their families and help about mid-November and stay until about mid-April. Practice Games are Weds through Friday, and Tournament play is Friday, Saturday and Sunday. League play will begin in January.

If you haven't seen a game; do! Our Sunday games are a whopping $5/car, and there is a formal buffet, or just hot dogs, hamburgers and a jumpy gym for the kids. Much more casual than the Pretty Women idea most people have. A profesional announcer aids in explaining the game, but the best thing is just watching! Listening to the players and horses as they compete and participate in something that is beautiful and unique and individual to our Valley really is something special.

I'm playing in the Road Runner, maybe a couple more tournaments in Dec. and then in March and April. Real Estate keeps me too busy to play regularly, but the horses and polo are a tremendous balance to the mental doings required in the real estate world. They keep me sane and grounded. Hope to see you at the Club...or maybe just at the Tackroom Tavern for live music/dancing???

Yesterday, it was officially announced the Federal Homebuyer Tax Credit of $8000 for first-home buyers has been extended past its expiration date of November 30, 2009.

Based on the information that is available, homebuyers have until April 30, 2010 to purchase a home and it must close escrow no later than June 30, 2010.

This is good news for the real estate community and for the many people who have been "sitting on the fence" and waiting for the perfect deal.

I have preaching to everyone since January 2009 that the time to buy real estate in Palm Springs is NOW.

Foreclosed homes have been driving the Palm Springs real estate market since the beginning of the year and the prices here "bottomed" out in August. Does this mean you have missed your chance on buying a home? No, it just means that the prices of homes has leveled out. Here is a look at the homes sales for the month of November in Palm Springs:

November 2009 Home Sales: 68 Foreclosures Sold= 34 Short Sales (Pre-Foreclosures)= 6

Avg. List Price: $381,814 Avg. Sold Price: $362,337 Avg. Price Per Sq. Foot: $171 DOM= 100

November 2009 Condo Sales: 50 Foreclosures Sold= 11 Short Sales (Pre-Foreclosures)= 2

Avg. List Price: $184,296 Avg. Sold Price: $171,215 Avg. Price Per Sq. Foot: $136 DOM= 82

As you can see, 50% of the homes purchased in the month of November were foreclosures and sold for 95% of the listing price.

Now is the time to take advantage of the extension of the Federal Homebuyer Tax Credit and buy the home of your dreams in Palm Springs.

Photo courtesy of Flickr

About the Author:

Harold Watts of Scott Lyle Realtors has been a REALTOR in Palm Springs since 1999. Focusing on the 2nd & Vacation home market, Harold has been helping Real Estate Buyers and Sellers achieve their real estate goals. If you want to know what is happening with the Palm Springs Real Estate market, give Harold Watts a call at 760-218-8209 or email him at Harold.ScottLyleRealtors@gmail.com