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