Act Now! The Current 8000 First Time Home Buyer Tax Credit Expires Soon.

The clock is ticking and time is winding down. If you are thinking about buying a house in order to take advantage of the $8000 first time home buyer tax credit, you need to act now.

As it currently stands, there are just under 90 days left to do so. If one is to approximate an escrow period of 30 days, they would see that the window of opportunity is closing fast.

When President Obama signed the American Recovery and Reinvestment Act of February, it extended the termination date for the first time home buyer tax credit to December 1, 2009. This has resulted in great benefits for first time home buyers and a significant impact on the housing market. The National Association of Realtors estimates that as many as 2.5 million first time home buyers will take advantage of the $8000 tax credit this year.

There is a fantastic inventory of homes available right now, and with mortgage rates poised to rise, waiting another few months to start searching for a home could end up costing you tens of thousands of dollars.

Even if you have only fleetingly considered taking advantage of this credit, call me right away, I am happy to answer any quesitons you have.