If you are first-time homebuyer (who have not owned another principal residence at any time during the three years prior to the date of purchase), you may be qualified for the credit of $8,000 if you puchase a home before Dec. 1, 2009.
So if you are thinking about buying a co-op, you have to hurry to find one in July or August in order to close the transaction before Dec. 1 as the purchase process may take about 3 months.
If you are seller, you should put on the market now to catch those first-time homebuyers.
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