Everyone should now know about the economic stimulus package, the credit is good for up to $8,000, or 10% of the purchase price, and applies to people who have not owned a home in the previous three years. Unlike previous credits, this one does not have to be repaid.  Obviously this is something you want to get in on if you can, which is exactly the point.

This program ends on Dec. 1st, and because it usually takes around 90 days to close on a house after a contract is signed, some potential buyers are about to let an opportunity pass them by.  In fact, many of the best properties are already gone in the lower price points because of those who already took advantage.    

Many of the homes left are short sales which are much more difficult than bank owned properties.  Because the seller has to get approval from the bank (to forgive a portion of their loan) the process can be extremely lengthy.  Getting a bank to simply agree to the sale can take 3 months and by then the deadline will be over.  

Many are starting to worry about a Cash for Clunkers effect.  Once the credit expires, and the urgency isn't there anymore, will the housing market start heading back down again?

http://money.cnn.com/2009/08/27/real_estate/homebuyer_tax_credit_ending/index.htm?postversion=2009082715

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