First time home buyers hoping to cash in on the $8000.00 First Time Home Buyers Tax Credit have until November 30th to close.  This has the potential to cause a rush at the last minute as buyers struggle to close on time.  Failure to close on time will result in the loss of the tax credit.   Because of the timing needed in short sales, short sales are becoming less and less an option as each day goes past.  First time home buyers will need to look towards bank owned properties and regular sales to meet the deadline.  This is causing bank owned properties and regular sale type properties to get multiple offers and sell quickly once they hit the market.

There have been rumors of extending the $8000 tax credit, but as of this writing it is just a rumor.  Don't hesitate to purchase a home if you want to take advantage of this great program.