Palm Springs Realtors are working overtime as home sales in the Coachella Valley have surged in recent months.
According to the California Desert Association of Realtors, home sales increased by about 30 percent from 2008 to 2009. Between November and December 2009, sales increased by about 21 percent.
In comparison, nationwide home sales were up 4.9 percent from 2008 to 2009, according to the National Association of Realtors (NAR).
Lawrence Yun, NAR chief economist, pointed to the $8,000 Federal tax credit as part of the reason for the surge in sales.
“It’s significant that home sales remain above year-ago levels, but the market is going through a period of swings driven by the tax credit,” he said in a press release. “We’ll likely have another surge in the spring as home buyers take advantage of the extended and expanded tax credit.”
The federal tax credit of up to $8,000 for first-time home buyers and up to $6,500 for some current homeowners expires April 30.
Interested or buying or selling property in Palm Springs or the Coachella Valley area? Contact Patrick Stewart Properties today.
As a short sale expert in California, short sales have quickly become the only way for us agents to stay in the business out here. Fortunately for us lenders are finally approving them quicker in the last year or so.