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

As the world turns each day it seems like the economy is taking more and more hits.  In the Coachella Valley real state market the hits keep coming.   I read many reports regarding the state of local real estate but examining the details that come from the Desert Area Multiple Listing Service is an eye opener.

For the last several days I have sifted through the daily market watch to see who owned the houses that are selling.  To my utter astonishment, over 80% of the closed sales in the Coachella Valley reported to the Multiple Listing Service are bank owned properties.  This percentage has held steady for the past four days.  In addition, the few remaining sales that are not bank owned are largely short sales which still involve distress properties and the banks.  To say that bank owned properties are fueling the entire Coachella Valley real estate market is not an exaggeration.

The median price for a sold house in the Coachella Valley on October 7, 2008 is $189,950.  The high was $800,000 and the low $45,000.  These will be interesting statistics to watch as the weeks and months unfold.

My web site has lots of information on Palm Springs bank owned properties.  There is a comprehensive list of all bank owned properties on my web site.  I update this information once each week. 

In the next few days I will be listing what I perceive as the best buys in Palm Springs in all price categories whether bank owned or not.  Properties that I select will have been personally visited by me.

I hope this information will be of value to you.  I will be happy to discuss Palm Springs real estate with you via e-mail (realtorgarycarlson@yahoo.com), telephone or text at 760.831.5996

Gary Carlson

Realtor

Prudential California Realty

As the market has changed David Emerson, a 25 year real estate veteran compared his profession to a doctors’ saying “You go from being like a doctor who delivers babies in a booming real estate market,” he said, “to being an oncologist just giving people bad news all day long”. 

I certainly find a lot of truth in this quotation.  As a twenty five year real estate professional, I have seen a once warm and fussy and full of joy profession become treacherous, difficult and changing everyday.  Success, Experience, it matters, now more than ever in the real estate world.  Whether buying or selling let’s talk about the health of your real estate.

I think for my entire life I have heard humans need eight glasses of water a day to remain healthy.  I wonder just how many people followed this sage advice.  I know I probably did not, but rather drink water when my body tells me to.  So after a life time of this believe the American Medical Association concluded last week that 8 glasses of water a day is not necessary and one should drink water when the body demands.

In today’s real estate market one hears all kinds of advice from relatives, neighbors, doctors, physiatrists, gardeners, and the guy who pumps gas.  Well, it is time to take action on your own and listen to real estate professionals.  There may never be a better time to buy than right now.  Everyone is wondering what is going to happen in the future instead of focusing on what is happening right now.  The fact is that prices have dropped in some areas about 20% from a year ago and inventories have forced this issue.  Listen to the market as you listen to your body when it needs water.  It is time to buy when inventories are high and prices are down.  The market has had plenty of water and it is time for real estate to catch on fire. Don’t get burned.

Please call me for an appointment to consult with you concerning your real estate needs, whether buying or selling in the Coachella valley. My personal cell number in 760.831.5996

And please remember to drink water when your body demands.  That is certainly good advice.