The Senate agreed to extend the home-buyers tax credit while also offering a $6,500 tax credit to homeowner’s who have been in their homes at least five years.  The tax credits will be available to buyers who sign contracts by the end of April and close by the end of June.  This is good news for first time home buyer’s as the deadline has been extended to gain the $8000 tax credit by an additonal 5 months.  Also, indivduals who have been in their home for more than five years will be granted a $6,500 tax credit if they choose to buy a new home in the time frame set out by the US

Here comes the great California weather to Palm Springs, warm days and cool nights.  Certainly the seasonal weather has arrived and it is time to ask your self whether it is time to buy a home in Palm Springs.  As the temperature cools, the Palm Springs real estate market has heated up.  As reported in the Los Angeles Times on October 24, 2009, “Sales of existing homes rise 9.4%.  It was the fifth increase in the last six months, and sales activity is at the highest level since July 2007,”according to the National Association of Realtors.

As I reported on October 1, 2009, inventories of single family homes and condominiums decreased by over 30% from six months earlier.  The fact that inventories are reduced is evidenced when looking for properties for prospective buyers as it is slim pickings.   Today, October 28, 2009 inventories in Palm Springs have yet again taken a dramatic drop from 512 homes on October 1 to 379 homes on October 28, as condo inventories remained steady at about 440 units on the market.  The drop in the month of October, 2009 was 26% alone.   On October 28, 2009, The Los Angeles Times reported, “Home Prices continue to climb.  A national index rises 1% (home values) in its third consecutive month-to-month gain.”

Again, it seems as a housing recovery has begun.  In Palm Springs inventories are way down and prices are moderately on the increase and the Palm Springs season has just begun.  So, is it time to buy?  You bet, the job for the real estate professional is to find the perfect house with low inventory of homes.  Enjoy the Palm Springs perfect weather, whether or not you’re looking to buy the perfect t home in Palm Springs.

I stand ready to show you what Palm Springs has to offer as a first residence or a second home and I am always looking to list residential properties in Palm Springs.  It may be time to sell as inventories are way down and prices have moved up moderately.  Good properties are hard to find and are commanding good prices, so it may be time to become a seller.

According to the National Association of Realtors as of June there were 3.8 million properties for sale across the United States, compared with 4.5 million June of last year. That is close to a 20% drop in real estate inventory in just one year. In contrast, Palm Springs has experienced nearly a 30% drop in our local inventory within the past 5 months. Does this signal a time to buy? With current Tax incentives’ coming close to an end the choice needs to be made soon.

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The Palm Springs housing market has declined. Six months ago there were 750 single family homes on the market as well as 725 condominiums.

On October 1st; gathering statistics from our local multiple listing service, I found there are now only 512 single family homes and only 440 condominiums on the market for sale. That drop represents an approximate 30% drop in single family homes inventory, and a 40% drop in the condominium inventory.

Does this signal the bottom of the Palm Springs market? Does this mean the time to buy is now?

The answer to both questions in my opinion is yes. I have definitely taken notice to the few homes that have been, or rather not been coming on the market in Palm Springs.

I have also noticed the quality of the homes coming on the market. Prices seem to be stabilizing on homes of quality not part of  distressed situations, so i believe it wont be long before prices begin to steadily increase as more and more sellers take notice.