Tax Credit Crunch: First-time buyers have one month to snag rebate - KWWL - Eastern Iowa Breaking News, Weather, Closings

Tax Credit Crunch: First-time buyers have one month to snag rebate


WATERLOO (KWWL) -- House hunters have just one month left to take advantage of a federal tax rebate worth thousands of dollars. The first time home buyer tax credit expires on April 30th. Realtors are expecting this deadline to stir up a lot of sales.

"It is the buyers market, so there are a lot of options out there," said Sana Tuncer, a realtor with Lockhard Realty Company

There may be a lot of options, but there's not a lot of time for first-time buyers hoping to get a tax break.

"This tax credit has really given a ... push for the fence-sitters," noted Tuncer.

Tuncer's schedule is filling up as the April 30th deadline grows near. But she's quick to point out, that date is a little misleading if you're not educated about the process.

"April 30th is when you have to have an accepted offer, and June 30th is when you have to close by," she explained.

Even if you haven't started looking yet, Tuncer said you still have time to take advantage of the first time home buyers credit. But it's going to be a busy month.

"Get in touch with a realtor that you think they're going to do the best job for you, and then start actively looking on the market," Tuncer recommended.

On the flip side, it's not too late to list your home with the goal of attracting these home-buying newbies. And there's always the draw of a different kind of green -- summer is generally the best time to buy or sell.

"We're not expecting any drops after that deadline," said Tuncer.

They're also not expecting another extension. So if you're ready to make the investment, it could pay to do it in April.

"You'll be able to find your dream home in thirty days. That's not impossible, it's possible!" Tuncer added.

April 30th is also the deadline for buyers who have lived in their current home for at least five years. They're eligible for up to $6,000 in rebate money.

Online Reporter Colleen O'Shaughnessy

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