Race to buy before April 30?

Some facing higher home prices amid tax credit frenzy

In some areas, sellers are racing to put their homes on the market before the temporary homebuyer tax credits expire. Currently, homebuyers who qualify need to be in contract to buy a home by April 30, 2010. The transaction must close by June 30, 2010. The word on the street is that the credits won’t be extended again.

The first-time homebuyer tax credit of up to $8,000 on the purchase of a primary residence is available to first-timers who qualify, including previous homeowners who haven’t owned in the last three years. For single taxpayers, income limits for purchases made after Nov. 6, 2009, were increased to $125,000 for single taxpayers and $150,000 for married taxpayers filing jointly.