By now everyone is aware of the $8,000 tax credit being offered to qualifying first time home buyers.  Originally it had to be repaid, now it's a freebie that is part of the larger economic stimulus plan.  The official end date for the program is November 30th, 2009.  This means that transactions have to be CLOSED by that date.  Given how long it's taking many loans to get approved even for the most stellar of candidates, that means that time is running out for those looking to cash in on the program before it expires.

There is, however, talk of extending the program.  The Washington Post reports that with a dip in sales in August over July, we are reminded of the delicate state that the housing market remains in.  controversy over how much the program is really bringing buyers in abounds, with some of the belief that it's not enough of a factor in the decision making process to warrant continuation.  Others feel strongly that it's pushing buyers off the fence in huge numbers, including the National Association of Realtors.  And we're the ones dealing with these buyers on a daily basis.  

NAR has even issued a call to action on all Realtors® to email their Senators and Congresspersons regarding this issue.  Go HERE to participate.  It takes literally 20 seconds to do.