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.