First Time Homebuyer Tax Credit Ends in April

Jeanne Sager
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Flickr photo by Neubie
Tax day isn't the only big deadline in April. The federal government is ending its popular first time homebuyer tax credit at the end of the month.

Any surprise they put it right in the middle of the prime homebuying season?

That's right, spring is the time when real estate gets a shot in the arm. I personally bought my house this time of year, making me a good old statistic.

That means you'll find a glut of houses on the market even if the economy wasn't sucky (yes, that's a technical term).

But here's the better news. You don't have to be a first-timer to reap the rewards.

The government's extension of the credit last November also opened things up to "long time residents." That's a buyer who "owned and used the same home as a principal or primary residence for at least five consecutive years of the eight-year period ending on the date of purchase of a new home as a primary residence."

Are you counting on the credit?

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