I think the credit obviously helped stabilize the market, however, I'm very interested to see what happens next when the government stops subsidizing housing. I just hope the government doesn't extend the credit and stops spending money they don't have. Let's see what happens with the market when the credit is pulled. I'd love to say it is still going to be stable, but I think that's a stretch to say the least.

I hope the goverment extends the credit for one month...

My prediction is that we won't see a drop until AFTER the summer buying season. The fall and winter will be the true test.

Just had my credit direct deposited today!

We'll see what happens to home buyer demand after the tax credit expires. It's time to let the housing market self-correct.

I wish it would be extended. We just listed a couple of weeks ago and no bites yet...

Personally, I am hoping they extend the credit. I have been house hunting for months now trying to take advantage of this money. However, when you cannot find a home that is in your price range, isn't a dump and someone else doesn't snatch out from under you just as you are about to put an offer on the table, it doesn't work for everyone.

Got my fingers crossed!! XX

I had 2 homes snatched from me with in the last 2 days. I really hope it gets extended!!

I hope they extend the house tax credit as well. I had four houses snatched from my husband and I. In my city, it is has been bidding wars. It has been also difficult to find a good realtor! The money would be helpful to first time homebuyers, especially couples just married in the last couple of years to use in home improvements for their investment.

Sadly, I didn't start looking for places until February of this year. I've had one contract fall through already and made another (close to list price) offer on another house. I've been looking pretty steadily and hoped I could find another place by today, but no such luck. After today, my initial offer will be significantly lower than it would have been previously. Guess we'll find out if my sentiment echoes that of other first time buyers

For those having homes "snatched" from them, who want the credit extended; think again.

It may be the credit which is causing the homes to sell so quickly, as other buyers rush to take advantage of the credit.

I almost rushed into what was not really the best home for me.

It is also possible that the credit is pushing prices up (good for the seller but not the buyer).

Personally, I would rather NOT see the credit extended.

Well it was a good run. We still have so many Short Sale and foreclosure listings. We need to get these homes sold, so we can rebuild the market. Many of these homes are in wonderful condition and just need a good buyer. I think the tax credit should be extended for people who are in contract already for a home that is a short sale. It may take longer for these home to go to closing and if so, the buyer will not receive the credit.

Folks, What does a binding contract mean. Is it a an earnest money paid stage?

...I mean if the "One to Four Residential Contract (Resale") is signed by buyer and seller and have the cross the option period, can we say we are in binding contract? Thanks much for your help.

Cel, I asked the National Association of Realtors that question this week. Spokesman Walter Molony said, "It's got to be a contract where the i's are dotted and the t's crossed. It's a solid contract. It's not an offer, it's an agreed-upon deal. Now, it could still fall through, but the parties in the transaction have agreed to all the terms."

thank you.

In my case, have completed the inspection and got the amendment signed too by both parties before 04/30 on the repair and fixes to be carried out by the seller. Hope I'm fully good to leverage the 1st time home buyer credit! I must say I have rushed into the deal and probably paid few thousand dollars more ,factoring in 8000 from uncle Sam!!

It should be extended for people who are building a new home that signed their contracts in March/April also get the tax credit (it takes longer than 2 months to get to closing in new construction cases). I'm one of those people!

Folks, you can always ask for 8K from the seller in closing cost assistance. It's really the sellers who should be crying over the tax credit expiration.

Jelena there is no guarantee you can get seller concessions on a purchase. Either way, you are going to pay for it one way or another. If you don't take the concessions, you get a lower sales price. Or, you ask for concessions and build that into a higher sales price. You really want to pay interest on 8k for 30 years? That does not make a whole lot of sense to me. If you can't AFFORD to buy a house with your OWN money, then don't buy. Plain and simple.

I really hope they give us another month or two cause that money could really help me me out alot.

Are they going to exsten the free text credit again this year

Wesley, the answer appears to be no. Look at the more recent posts on this blog and you'll see several to that effect.

My husband and I bought a foreclosure that we had to compete, my husband is active duty and away from home more than he is at home. It has taken us several months to complete the home. We were at the point of fixing to move in when we received word from IRS that we should have already moved in and been using this home as our primary residence. My CPA is working with them now, he asked where he could find it documented on the time limit to move into the home, all he could find was the time limit of closing. They told him he would not find this because it was not documented. So they are pushing for our credit back and enforcing a decision that is not even documented or part of the Home Tax Credit law. It is kind of odd that a person I work with is going through the same thing. You just can’t trust Government!!!

Fed up, when did you close on your home? I'll call the IRS to find out what's what.