Prior to the original November 30, 2009 deadline, we noted that sales of existing homes had increased steadily since April. Surveys by The National Association of Realtors revealed that approximately 30% of all closed home sales transactions for that time were first-time buyers. That’s good news for the economy.

It is also good news for all buyers because last November, Congress decided to keep the tax credit option open and amended it to allow  some repeat home buyers to qualify for the credit also. The plan was to try and promote a sustained real estate upswing. Buyers should take note that the very short window of opportunity gives experts the impression that this is likely the last expansion and that if you want to take advantage of the tax credit, now is the time to take action.

To take the most advantage of this opportunity perhaps these suggestions will help you:

Get Updated Information From Your Realtor.

Make sure you find one that knows the rules and is an expert. You can qualify for a $6,500 tax credit if you’ve lived in your home for five consecutive years out of the last eight years. Just be aware that, even if you’re buying a new primary residence, you do not have to sell your present home immediately or ever if that’s your choice. You can also take advantage of current lower home prices and the very favorable interest rates.  They haven’t been this low for a long time.

Take the Time Look for Your New Home.

The April 30 deadline is coming sooner than you think, contact your realtor and have him/her show you what’s on the market now.  Time has a way of slipping by so don’t delay. If you are a first time buyer and were prevented from taking advantage of the $8,000 credit because of the previous income limits you should be looking to get in on this benefit as well. Here are the new income limits, $125,000 for individual filers and $225,000 for joint filers. Get your situation in order now because as the deadline approaches more and more people are going to be frantically trying to get in on this tax credit and you don’t want your paperwork, your progress to be delayed or lost in the shuffle.

It is best not to have anything delaying your progress and trust me you must stay on top of your closing checklist. You should insist that your realtor inform everyone one from lenders, inspectors, listing agents and other involved parties also stay alert and be aware that you want them to act quickly. Finally, the limit for the tax credit on new homes is now at $800,000.  Good luck and watch out for the deadline.

Stay on top of the process, keep in touch with your realtor and enjoy your new home.