There is no question the tax credit for new home buyers has contributed to the continuous rise in home sales. With the deadline approaching, many were rushing out to find the ideal home prior to the end of November. The good news is Congress has decided to extend the tax credit, while including many more this time around.
Since January first-time homebuyers have been able to get a whopping $8,000 tax credit thanks to the economic stimulus package that was put in tact. While the plan was originally scheduled to expire at the end of November, the Senate decided it was the right move to extend and expand on the tax credit.
While first-time homebuyers and those who have not owned a home in the last three years can still get up to $8,000, the expansion also includes people who have owned their current home for at least five years. If you fall into this category, you can take advantage of a $6,500 tax credit. In order to qualify, whether a new homebuyer or not, you will need to sign a purchase agreement by April 30, 2010 and close by June 30.
Many assumed the tax credit would be extended, but it was getting closer and closer to the deadline worrying some. With this extension, Sen. Johnny Isakson believes this will be the last one to come. If this is the case, it gives you until April to find your new dream home.
The tax credit for homebuyers is one of two tax breaks now that totals out to $21 billion as the Senate has included it in a bill that extends unemployment benefits. The other tax break allows companies that are losing money recoup taxes they paid on profits earned over the last five years.
Although it is terrific for homebuyers to hear about the extension, the economy is still struggling greatly. Sen. Max Baucus believes it is up to Congress to continue acting creatively in order to get the economy back on the right track. Over time these kinds of tax breaks will contribute to people fighting through the recession and finding steady jobs, said Baucus.
Outside of homebuyers, the real estate industry has really been pushing for an extension on the tax credit. While 1.4 million first-time homebuyers have taken advantage of the incredible deal, the National Association of Realtors has estimated that 350,000 would not have purchased a home without the credit. This goes to show you what a little help can do to get people to make big decisions.
In all, the extension and expansion is going to cost the government around $10.8 billion in lost taxes. Although there was some questioning behind the decision, in all it passed the Senate by an overwhelming 98-0 vote.
There are other details you will need to pay attention to as the credit is only available for the purchase of principal homes that are $800,000 or less. It is phased out for those who make $125,000 a year or more and joint filers cannot have incomes above $225,000. Anyone that is in the military serving outside the United States will be able to take advantage of the credit until June 30, 2011 for at least 90 days.
The tax break will help industries as well such as retailers, homebuilders and newspapers that may have suffered losses in 2008 and 2009. There is a smaller version of the tax break for companies who have revenues of $15 million or less that will be enacted in February. This will help provide companies a quick source of cash.
As with every other area around the country, the Coachella Valley region saw a near-record number of sales over the past 27 months. While this is encouraging, it is discouraging considering the fact that many closed at incredibly low prices.
If you are a first-time buyer, there has never been a better time to buy. There has been an increase in first-time buyers by 47 percent compared to all home-buyers. And even if this is not your first time around the block, it is still a tremendous time to look into the real estate market.
It is believed that sales prices will continue to stay at the low mark they are at in 2010. While this is promising for home buyers, this means agents will have to close more deals then they did two to three years ago just to see the same business thresholds.
It is forecasted that sales will be sluggish in the mid- to upper-level home market. Coachella Valley and other parts of the country will face some troubling times as homes will see a significant decline in overall value and equity.
Homes that used to be around the $800,000 mark are now falling below the $500,000 mark. As you might expect, this is attracting many first-time buyers with the incredibly affordable home prices on remarkable homes. Not only is this appealing to first-time buyers, but it is also the perfect opportunity for people to move up into a larger home.
What some are taking advantage of is selling at a 5 percent hit and then buying a home for 10 to 15 percent off. People are wheeling and dealing any way they can to take advantage of the market.
One thing is for sure; the market is still healing as there are countless issues that remain relevant. Something that has become quite common today is cash buys due to the low prices. In addition, real estate agents are becoming familiar with multiple bids as many buyers will place a bid on several homes hoping to get one.
In 2006, 40 percent of all homes sold below the asking price. Today, that number is at a staggering average of 80 percent creating a long-run average of 69 percent. These kinds of numbers make it incredibly difficult to predict where the market will be in five years.
Anyone can throw a book of statistics out there and hope for the best. However, it is the plan of action and what really happens that is going to matter. Right now statistics show incredibly low prices on homes for sale resulting in a tremendous surge in home buyers.
Add onto the equation the tax credit that is good until at least November 30 and you have first-time buyers jumping at every home they can. It is even a promising market for people looking to move from one home into a larger home due to the fact that once high-priced homes are selling for average prices.
While all is good for home buyers, there really is no say where the real estate market will be down the road do to the inconsistent and constantly changing industry today.
Coachella Valley continues to show signs of improvement in the Palm Springs Real Estate market with another stellar month in July. Despite triple-digit temperatures and a credit market that was sure to scare home buyers away, home sales still rose by a tremendous 17.4 percent. This marked the second month of double-digit gains.
While things are looking up for home sales, the median price is unfortunately still looking down with a less than impressive $180,000 median. The last time it was this low was all the way back in 2001 and is much lower than the median price of $274,000 just a year ago. With the remarkably low prices, there is no question why home sales numbers continue to increase.
If you are looking in the market to buy, now is the time. As a first-time buyer with cash and strong credit, you have the potential to find a deal that is unlike anything seen since the 1980s. But the $100,000 to $200,000 range is not the only price market that is increasing in sales. The high-end market is showing signs of improvement little by little.
As with most areas around the country, sales were particularly heavy in areas with a large amount of foreclosure. Indian Wells 
Real Estate saw the most drastic signs of increase in sales with numbers rising 100 percent. In all there were sixteen sales for the month with the highest at $3.8 million.
In homes that have been purchased in Southern California above $417,000, purchase loans rose to its highest mark since August 2008 at15.1 percent compared to 15.6 percent in 2008. However, before 2007 nearly 40 percent of all Southland sales were financed by these high-priced loans.
One thing is for sure; realtors all over are anxious and excited for what is transpiring into a terrific season. Many believe real estate sales have hit the bottom and are only going to go up from here. Although prices will undoubtedly remain low for some time, it is only a matter of time before they begin to increase as well.
As for the high-end homes, realistic prices are what some believe is helping increase sales. While homes in the $800,000 range have been selling like crazy, homes around $1 million to $2.2 million are beginning to se offers as well.
Inventory on Palm Springs Bank Foreclosures is declining as well as Riverside County saw 58.7 percent of all homes that resold were foreclosure resales. Despite this, it is still lower than it has been since A
pril 2008. While foreclosures were impacting the median price at one point, it is not having quite the same effect today thanks to the rise in high-end sales.
There is no question that the increase in sales is promising, but DataQuick President John Walsh fears it is too soon to call a bottom. With the amount of future job losses and foreclosures, he feels it is not appropriate to say the market has bottomed out just yet.
Another thing that is uncertain is how the high number of mortgage defaults from early in the year will be handled. There are too many options and variables that could affect the market in the long-run.
What you are seeing is that banks are not simply putting property back into the sales market right away. With the stabilized inventory that is taking place, there may be some increases in price. But for now, all we can do is sit and wait to see exactly what the market will do.
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With over 20 years of experience in the Real Estate market, Elaine truly enjoys helping people in the process of buying or selling a home. Elaine specializes in Palm Springs Real Estate.(760) 668-2399
To buy or sell a house in the Palm Springs, Palm Desert, Indian Wells, Rancho Mirage, La Quinta, or the surrounding areas, Elaine Stewart is the Real Estate Agent to call. With 2
Palm Springs is a desert resort city located in the Coachella Valley 110 miles east of Los Angeles. It boasts more than 350 days of sunshine per year with warm, mild winters. Recreational hiking and horseback riding in the valley are popular activities. There are also more than 200 golf courses making it the world's premier golf destination. There are also events and attractions such as the Palm Springs International Film Festival and the National Date Festival. One of the hottest Real Estate market in the country, the Coachella Valley is a great place to raise your children or spend your retirement years. That makes having a home here a great Real Estate investment. Perhaps you would like to view all the Palm Springs or other Coachella Valley homes available that meet your specific criteria - by calling us or using the form below, we can match your needs and find whatever you are looking for whether it is a 1-2 Bedroom, 3 BR, 4 BR or even a 5-7 BR home. In fact, we are so use to assisting folks in finding "exactly what they are looking for that we already know all your most frequently asked questions. We know our clientele and we have customer testimonials to prove it. To get custom home listings emailed to you as they are posted on the local Multiple Listing System Click Here
0 years of experience in the Real Estate market, Elaine truly enjoys helping people in the process of buying or selling a home. Elaine is a 
member of the Remax Hall of Fame and the Platinum Club, The Platinum Club was first introduced in 1994 to recognize the significant increase in earnings among the very highest producers in the RE/MAX system. We also specialize in foreclosures, pre-foreclosures, and REO's.
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Cathedral City
Elaine is the Marshall Reddick representitve for the Palm Springs Real Estate Market which is part of the Coachella Valey area.
The Marshall Reddick Real Estate Network started in 1978, and today is comprised of outstanding real estate professionals in 200 cities in more than 40 states. Marshalls agents find new homes for us in the a price range with affordable property management, fabulous lenders, and nationwide insurance.
The network makes it possible for people to purchase properties safely and easily all over the country. It is comprised of 65,000 members, most of whom have taken one of Marshall's seminars, and 30,000 who have actually purchased property through the network. Over 800 of his students purchase property every month through this network of agents, lenders and property managers.
The Marshall Reddick Real Estate Network is an educational and purchasing system based on spiritual values.
Marshall Reddicks Network is a customer-focused network that provides club members:
- Knowledge
- Mentoring
- Research
- Support services
- Quality real estate opportunities
Looking to buy an investment home or second home? Looking to sell your home?
Elaine has access to over 100,000 people who are part of the Marshall Reddick group of buyers. She can profile your listing here and on her other websites as well as emailing it to over 100,000 buyers nationwide.
Buying or selling your house is the most important financial decision you will make in your life. Elaine is committed to helping you make the right decisions by accommodating your special tastes, service needs and financial requirements. Give Elaine a call today because your choice of Real Estate Agent can make a difference.
Having settled on the Palm Springs - Coachella Valley area as the location of our long awaited vacation home, we settled into the daunting task of researching real estate in this distant and foreign market. Knowing the right real estate professional, who would truly listen to our needs and desires, would make the process the least painful, we came across Elaine Stewart. My wife and I quickly felt at ease with her style, professionalism and dedication.
Elaine introduced us to the Coachella Valley and after numerous emails, websites, phone calls and eventually trips to the area, we became familiar and comfortable with the local real estate market. We found the vacation home of our dreams and with Elaine's assistance, a deal was negotiated. With the deal in place, Elaine continued to assist us in navigating the escrow process.
With the professionalism Elaine showed us thru the real estate purchasing process, we knew we had selected the right person. We would enthusiastically recommend Elaine Stewart to any of our family, friends and acquaintances looking to purchase real estate in the Coachella Valley.
We would be happy to have this note posted to Elaine's website and would have no obligation if anyone would like to contact us directly regarding our experience.
Thanks again Elaine, it's been a pleasure!
D., M. & H. Pedersen, Calgary, Alberta
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I had the opportunity of working with Elaine Stewart of Re/Max at the beginning of 2009 on the sale of our Palm Springs condo. Working with her was both pleasant and easy. The condo sold within just a few weeks - a remarkable result under the current economic conditions. Elaine and her organization made all of the voluminous paper work required by the State of California fast and simple. Apart from her professional qualities Elaine is also a very nice person, and we can whole heartedly recommend her services.
Frank and Rosalind R.
La Jolla
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"We recently started the exciting, and terrifying, process of looking for and purchasing a vacation home in the Coachella Valley. As Canadian Residents, it was even more anxiety ridden as we were unfamiliar with all of the rules, regulations, extensive paperwork and issues that would go along with purchasing a property in another Country.
Despite doing some in depth background work, we were not fully prepared nor did we have the knowledge to complete this process on our own. We were extremely fortunate to have Elaine Stewart as our realtor. Not only did she show us a large variety of properties in our price range, taking several days out of her schedule to do this for us, but she stayed with and assisted us from beginning to end. From initial offer day through to closing, Elaine was there for us as an incredible source of advice and information.
We honestly would not have stuck with it, if it was not for her! Elaine has spent countless hours going through the entire process with us, assisting us in completion of paperwork and providing an invaluable source of other information that new home owners/foreign owners would find difficult locating on their own. We have already advised family and friends that we would highly recommend Elaine Stewart if they were to consider purchasing/selling any property in the Valley.
John and Tina D.
Calgary AB
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Elaine was very helpful to us for our home purchase in the desert. She knew the inventory of properties very well and was able to adjust when our needs changed. She was always very quick to respond to our calls and emails. We are very happy with our purchase, because of Elaine.
Doug & Cheryl G.
North Vancouver
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As you know we had a GREAT real estate experience with you and would HIGHLY recommend your services to any potential real estate buyer or seller. Your patience, market knowledge and professional service made us, as out of town/country buyers, relaxed and confident with our decision to purchase real estate in the desert. In my view some people sell real estate and some care about the people....Elaine Stewart cared about us, our real estate requirements and we sincerely appreciate all the hard work that she did on our behalf. Five star service from a five star person!"
C. Dreyer
Langley, British Columbia, Canada
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To Whom It May Concern
RE: ELAINE STEWART - REMAX REAL ESTATE CONSULTANTS
I had the pleasure during the last two months of dealing with Elaine Stewart, a real estate expert who works throughout the Coachella Valley.
I represented a group of Canadian investors looking to purchase a vacation condominium in Cathedral City, and, like most people who invest in a foreign country, had legitimate concerns about finding the right person for the job. When one purchases property from a long distance away, it is imperative to have someone who is not only extremely knowledgeable, but trustworthy as well. Happily for me, and the investors I represented, we found Elaine Stewart.
Ms. Stewart has not only impressed me with her knowledge and insight regarding the real estate market in California, and in particular the Coachella Valley, but has gone above and beyond the normal scope of her duties to give very helpful advice, and excellent service in assisting us to find the right property, deal with the negotiations for its purchase, and shepherd the escrow process through to its conclusion. In short, she has earned the trust I now repose in her, as well as the gratitude of the investors I represent.
I would, without hesitation, recommend Elaine Stewart to clients, friends, relatives, and anyone who is looking for a consummate professional to deal with a real estate matter in southern California.
I am happy to have this letter posted on Ms. Stewart's website, as I am pleased to say to any readers of this letter that my experience in dealing with Ms. Stewart was altogether both enjoyable and successful.
Yours truly,
Delwen Stander
Chilliwack, BC. ,Canada
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We met with Elaine the day after an unsuccessful and frustrating bid on a condo in Palm Springs. She listened carefully to what we were looking for, and, as we were leaving for home in two days, Elaine posted all of our criteria on the MLS properties for sale.
Over the next two months, the computer emailed us many properties closely fitting our needs and finally one came up which we and Elaine decided to offer on. After some negotiating back and forth, we got an acceptance and we closed the sale in February, 2008.
Elaine then picked the escrow agent and to our great relief and pleasure, agreed to act as a "general contractor" for a fair fee to do renovations on our new home away from home.
Elaine is a realtor who gives the buyer professionalism personified, enthusiasm and a determination to get it done that all buyers expect but don't often get.We don't give referrals out lightly but were pleased to do so for her to two fellow Canadians.
Lyle & Randi
Nanaimo, B.C., CANADA
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I wanted to take this time to let you know how wonderful your Palm Springs/Riverside agent, Elaine Stewart , has been to me over the past two months. Her knowledge, perseverance and positive attitude has helped me recently land a great secondary home in Palm Springs at Catalina Grove. Her quick wit and pleasant charm helped me remain calm and rest assured that all would be okay. Elaine was always available 24/7 to answer the many questions I had and still continues to do so.
Thanks for letting me share this with you.
All the best,
Michael P.
Palm Springs, CA
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"I had the pleasure of working with Elaine Stewart in searching for an investment property in the Coachella Valley. The first thing you notice about Elaine is that she is personable, bright, intelligent, and very attentive to your needs, and the details of the current local/national real estate market. The second, is how smartly and hard she works to get the results you need to attain your goals. I would not hesitate to recommend Elaine to anyone looking for a new home or real estate investment property. She is one of my all-time favorite agents to work with!" October 10, 2007
Russel V
La Quinta, CA
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