Recent good news about the housing market has many homebuyers wondering whether now is a good time to buy. For example, home sales activity increased 9.4 percent nationally in September, a 26 percent increase from a low point in January, according to the National Association of Realtors. However, this doesn't mean that the housing market has bottomed out or that we're heading toward a seller's market. It could take years for the market to level out and turn around. The $8,000 first-time buyer tax credit has had some effect on stimulating the market. The Nov. 30, 2009, deadline for taking advantage of this credit has been extended, and a tax credit of up to $6,500 is now available to repeat homebuyers who qualify. Income restrictions apply. To take advantage of these credits, the ...
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