If historic low interest rates, bottom-of-the-market prices, and lots of inventory aren't enough to motivate buyers to buy now, the $8,000 tax credit available for first time home buyers should be a HUGE incentive!

The $8,000 tax credit is part of the recently passed Economic Stimulus package. It is a true tax credit, not just a deduction, which means that it is a dollar-for-dollar tax reduction off the amount that you owe for your 2008 taxes. But, you say, "I don't owe $8,000 or even anything close to that!"  Then you can actually receive a refund check for the credit.  For example, if you are liable for $4,000 in income tax, you can offset that $4,000 with half of the tax credit and still receive a check for the remaining $4,000!

There are other parameters involved in order to take advantage of the credit. The highlights of the credit are listed below. Call me for more details and then GO SHOPPING! 

 $8,000 Home Buyer Tax Credit at a Glance

 ·   The tax credit is for first-time home buyers only.

·   If you used to own a home but haven't owned in the past 3 years, YOU QUALIFY for this credit.

·   The tax credit does not have to be repaid.

·   The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.

Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.