First-Time Homebuyer Tax Credit Seems to be Working

I have seen a strong influx of first-time homebuyers coming off the fence and helping the housing market and the economy.  The $8000 tax credit that became effective as of January 1st this year is apparently working.  Not to be mistaken with a tax deduction, this is a true tax credit.  The benefit of a tax credit is that is a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1000 to $1500 when all is said and done.  The best thing about the tax credit is it is free money that does not have to be paid back!

Buyers need to act fast!  This credit is currently set to go away December 1, 2009.

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