So how many buyers AND sellers have really benefited from the $8000 tax credit? 

According to the IRS, more than 1.4 million taxpayers(assuming first-time homebuyers) have benefited from the First-Time Homebuyers Tax Credit of up to $8,000!   

If you think only the first-time homebuyers are benefiting-- think of how many sellers have benefited from the sale of THEIR house to first-time homebuyers!

I just wanted to take a minute to congratulate all the first-time homebuyers who took advantage of the tax credit and welcome them into the world of HOME OWNERSHIP!

With that being said, I would like to also congratulate all the agents, mortgage lenders, inspectors, title companies, appraisers, attorneys and sellers (and anyone else I erroneously left out) who have helped these first-time homebuyers achieve the American Dream- HOME OWNERSHIP!

FOR BUYERS who still want to cash-in on the tax credit of up to $8,000, time is running out (less than 60 days left). 

Can it still be done?  Possibly and the following tips may help you close escrow before December 1, 2009:

• You need to contact a REALTOR® today;
• You need to have a solid pre-approval from a reputable bank;
• You need proof of funds for cash deals;
• Don't waste time with low ball offers, have your REALTOR® run the sold comparable properties, make an educated offer and definitely in a multiple offer situation...put your best offer on the table because you may not get a second chance;
• Don't waste your time looking for houses out of your price range - you can only buy and a bank will only lend you money what you can afford to buy;
• Get in and out of attorney review (not sure about other states but here in NJ, listings in attorney review are still active listings and offers can still be submitted thus bumping your offer right off the table) and/or request the seller agree to back-up offers only;
• Most short sales, if not all short sales, will never close in time (by November 30, 2009);
• You lose control on purchases where the sellers need to find suitable housing before they can sell (your purchase would then be contingent upon the seller first finding another house); and
• You need to close no later than November 30, 2009.

FOR SELLERS who really want to sell their home and take advantage of today's affordability in a trading up and/or trading down market, the following tips may help you close escrow before December 1, 2009:

• Price your home at market value from the start (Do NOT overprice);
• Work with a REALTOR® in your area who has an aggressive marketing plan;
• Make your home irresistible (do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting so that a buyer would want that lifestyle too);
• Be flexible with showings, lockbox and for sale sign (a home cannot sell if a buyer cannot get in to see it and even more importantly, it cannot be sold if nobody knows its for sale); and
• If you don't want to sell your house, don't put it on the market not only does it waste the time of buyers and their agents but it brings the property stats down as well).

* I am sure there are many more buyer and seller tips that I have not included, please feel free to add them in your comments. *