What would you do with $8000? Wait and it may be too late!
UPDATED 3/1/2010
The federal tax credit for first time homebuyers has been extended until April 30, 2010 and a new repeat homebuyer credit of $6500 has been added to the pot. What many home buyers don't realize is that you must be under contract by April 30, 2010 to receive the tax credit. Most buyers are using FHA loans to purchase homes. An FHA loan can take anywhere from 30 to 60 days to close. What does this all mean to you? It means that you must search for your new home, find it, negotiate the price and terms, and be under contract by the end of April.
So I see it two ways, either ACT NOW and get a $6500 - $8000 check from Uncle Sam to spend on energy upgrades, furniture, a new bathroom, a vacation...or pay more taxes AND more for your new home in May or June.
By the way, the same goes for selling your home - act while the incentives for your buyer are HOT!