This is response from Senator Dianne Feinstein regarding letter to our representatives, asking for support to extend the First Time Homebuyers tax credit which is set to expire end of November, 09. Doesn't sound very positive it will be voted on in time, since it looks like it might be held up in committee.
Dear Mrs. Genton:
Thank you for contacting me to express your support for expanding the first-time homebuyer tax credit. I appreciate the time you took to write and welcome the opportunity to respond.
In July 2008, the Housing and Economic Recovery Act of 2008 (Public Law 110-289) provided first-time homebuyers with a tax credit, equivalent to an interest-free loan, worth up to $7,500. The tax credit applied to homes purchased between April 9, 2009 and July 1, 2009. As the housing situation worsened in the fall of 2008, additional action was taken to prevent further declines in home values. Congress included in the American Recovery and Reinvestment Act of 2009 (Public Law 111-5), a more robust first-time homebuyer tax credit. Specifically, the tax credit was increased to $8,000 for homes purchased in 2009 and will not have to be repaid.
I understand your belief that the first-time homebuyer tax credit should be increased and expanded further. As you know, on June 10, 2009, Senator Johnny Isakson (R-GA) introduced the "Home Buyer Tax Credit Act of 2009" (S. 1230), which would increase the credit to up to $15,000, remove income eligibility limits, and expand it to include homebuyers purchasing homes other than their first. S. 1230 has been referred to the Senate Finance Committee, of which I am not a member. Please know that I will keep your support for this legislation in mind should it come before the full Senate.
Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.
Indian Wells is always looking for ways to better and improve the city & homeowners lives plus the enviroment . This is their latest.
City Launches New Community Garden Project
Do you have a "green thumb" when it comes to planting? Do you like to garden but don't have appropriate space where you live? Or do you simply like the idea of meeting others in a beautiful outdoor setting?
The City of Indian Wells is in the process of establishing an organic Community Garden adjacent to City Hall. This project not only offers yet another benefit for residents, but also supports the city's commitment to sustainable living practices. Ryan Bowen, the city's expert landscape architect, has already planted a sample garden (see his fabulous example in these photos) and would be available to assist residents with their individual plots. Indian Wells residents who wish to participate and cultivate a garden bed would pay a nominal $25 fee per year to establish and maintain their gardens.
An organic Community Garden offers many benefits: In addition to providing fresh and pesticide-free flowers, vegetables and herbs, it provides an area for socializing, offers a natural teaching/learning environment for people of all ages, and creates a sense of community pride and stewardship of the land.
Fifty (50) 4-foot by 10-foot garden plots will be available for planting. An interest list is now forming. To learn more and add your name to the interest list today, call City Hall, (760) 346-2489.
Its been an interesting season for Indian Wells real estate sales, here are a few up to date figures as of today.
There have been 50 homes/properties(not land) sold since January 1,2009. Ranging in price from $132,500, condo in Mountain Cove, to $2,900,000 in The Reserve. 7 of those properties were bank owned and 3 were short sales.
There are currently 315 homes for sale as of today, ranging from low of $139,900 to high of $20,000,000. Of those 315, there are 5 for sale that are bank owned, ranging from low of $489,000 to high of $1,100,000. There are 10 short sales ranging from low of $199,500 to high of $2,100,000. Lots of property to choose from. Call me if you'd like a current list.
Some interesting figures for our valley. Its a great time to buy, don't wait till the market prices head up. Call me for information on whats available.
Regional Sales & Price Activity - June 2008
Median price fell 37.7% and sales increased 17.5% compared to the same time a year ago for California statewide. Locally, median price fell 29.4 % & sales rose by 19.0 % from a year ago. The rise in sales also accounts for the drop in overall inventory - the July inventory is the lowest since September 2006. January 08 sales rate & inventory yielded 22.4 months of unsold inventory. July 08 sales & inventory stands at 13.1 months of unsold inventory.
"The significant declines in the median price over the past several months are largely due to a dramatic shift in the sales mix since the onset of the credit crunch and the increase in the share of distressed sales, said C.A.R. Chief Economist Leslie Appleton-Young. A year ago, the under $500,000 price range accounted for 40 percent of sales, the middle segment made up about 45 percent, and the over $1 million segment captured 15 percent of the market. As of June 2008, the shares had shifted to 67 percent, 24 percent, and 9 percent, respectively."
In the desert market buyers continue to take advantage of lower prices and reasonable interest rates, such that for June single family homes sold were only on the market for (median) 69 days down from 72 in May.
2006 2007 2008 Desert Area MLS Residential For Sale Inventory
Dec. 8,236 9,186
Nov: 8,598 9,593 The typical (median) single family home for sale in the MLS
Oct. 8,076 9,170 3 Bdrm. 2 bath 1,887 square feet listed at $325,000 and has
Sept: 7,723 8,599 been on the market for 96 days.
August 7,285 8,417
July: 7,420 8,600 7.935
June: 7,436 8,930 8,314
May: 7,497 9,108 8,469
April: 7,467 9,153 9,214
March: 7,351 9,005 9,300
February 7,046 8,852 9,476
January: 6,395 8,490 9,134
Median % Change % Change %Change Sales %Change Sales
Price Prior Month Prior Year Prior Month Prior Year
Some statistics for the Coachella Valley compiled from the local Desert multiple service. Even though the doom and gloom for most of California still resonates through out the local and national media. when you take a look at the numbers for our area it really isn't as bad as all that.
Its a good time to buy and there are alot of good mortgage programs out there, just ask.
REO "Bank Owned" Stats for February- Palm Springs/Cathedral City had 137 total sold, 5 REO or 3.6%. Desert Hot Springs- 42 total sold, 8 REO or 19%. Palm Desert/Rancho Mirage/Indian Wells/LaQuinta had 268 sold, 7 REO or 2.6%.
Riverside County had 1775 sold, 210 REO or 11.8%. Moreno Valley highest@ 22.7%
Here are some good basic rules I heard this week... For our Sellers..
#1 No amount of hype, color brochures and large ads will make a buyer pay 20% to 25% over market value for your home.
#2 Buyers are a lot better informed than you think.
#3 The size of your Realtor's company is no influence on the market value of your home -- bigger companies get no bigger prices than smaller companies.
#4 The cost of interior décor adds little to the market value of your property - except to make it more attractive and make it more salable. In some cases, it may detract.
#5 What your neighbor's home sold for six months ago (or longer) is not the only indicator of your property's value.
This is recent message from my local board of Realtors in the Desert or CDAR. Its good advice for buyers and sellers. The message should be clear now.
The most asked question right now is "where / when is the bottom of the market?" - many buyers now wait on the sidelines to buy at the bottom. Timing the market is dangerous ground. It's more about hindsight than foresight.
When will we announce the bottom of the market? After about 90 -120 days of an upward trend line. In other words, after you missed it. The bottom is not a pinpoint on a graph. It is more like a wide bumpy trough. It appears that is where we are right now. Here is a quick look at the Desert Market right now - Sept. 07 -- compared to a year ago.
Inventory of homes/condos for sale:
Up about 12%
Median Price:
Up 0.6%
Sales:
Down 33.6%
30 Yr. Fixed rate mortgage:
6.38% in 07, 6.40 in 06
Median Days on Market
81 in 07, 76 in 06
Other than a sizeable decrease in sales and a modest bump up in inventory the market has been flat year over year. This may be the "window" buyers have been looking for.
For Buyers:
Best time is now to find the neighborhood, development and house you want
Qualify for the 30 yr fixed. If rates rise your protected, if rates fall you decide when to refinance.
The "window" is open. There is no advance notice when it shuts.
Prices doubled over the last 7 years. No prediction on the next 7, but history says some will always look back to now and say, "wish I had."
For Sellers:
Get out of the market if you're not serious. Not the time to test the water.
Clean up, fix up, go for "curb appeal" and make it show well
Price it right up front - dropping the price every other week is not a winning strategy
Participate with your REALTOR® in the plan and cost of marketing
One final note: As a result of the recent So. Calif. fires there could be some upward pressure on rents and shrinking of inventory as fire victims rebuild and/or relocate.
This was interesting information I read in our local desert newspaper "The Desert Sun" dated 9-25-07. The catch phrase was "What They're Saying About Us"
This isn't your grandpa's Palm Springs anymore- not after more than a billion dollars in renovations and new construction. The streets may be named for past luminaries like Bob Hope & Frank Sinatra (kids might ask who is that?) and the place may be haven to golf playing retiress but..... and here's the interesting part.
There are 115 golf courses(probably more) and more under construction, with 40,000 swimming pools, probably more... but the article stated " there is plenty here for 21st century families whatever their budget or interest. The sun shines most days of the year so how can you go wrong.
Exactly, how can you go wrong? This is paradise country in the winter months plus the home & property values are some of the best in California for vacation and resort area.
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