Housing Tax Credit Deadline Nears

The clock is ticking for first time homebuyers cashing in on a soon-to-expire tax credit. The break could save you $8,000, but you need to act soon.

The deadline for that credit is Nov. 30, but since it takes about 45 days to close on a house, you may not have as much time as you think.

Tim Surratt, a sales associate for Greenwood King Properties, is currently closing on two properties for first-time buyers. Both properties are Inner Loop town homes that cost about $400,000. His clients won't get 10 percent of their money back, but if they meet the salary requirements, they could end up with $8,000 back.

"The $8000, how they're looking at it is, that's for a refrigerator or washer or dryer," Surratt said. "We can use it for the blinds. There are a lot of expenses when you move to a new house."

While housing sales are down from this time last year, new information from the Houston Association of Realtors (HAR) indicates things are getting better.

A recent HAR news release says the Houston real estate market showed continued signs in august of attempting to break free from the downward trend in property sales that first began in September 2007.

"The window of opportunity seems to be closing," Surratt said. "I think buyers are noticing that not only for the first time credit, but the low interest rates right now and all that."

--Learn More About the Federal Housing Tax Credit: www.federalhousingtaxcredit.com/2009/index.html