Time is quickly running out to take advantage of the $8,000 first-time homebuyer credit.
The federal credit is available this year through Nov. 30, and buyers must close on the house by that date to receive the benefit.
Real-estate agents warn that it takes about two months now to close on a house. That gives buyers until the end of this month or thereabouts to get a house under contract if they want to ensure that they meet the deadline.
Tuniscia Daniels, a real-estate agent in Bowie, Md., has sent e-mail blasts to clients warning of the approaching deadline.
"I tell them that time is of the essence," Daniels said. "We don't know if the government will extend it."
The credit is part of February's stimulus package. The National Association of Realtors estimates that the credit will spur 350,000 sales this year.
The industry and some economists back legislation in Congress to extend or even expand the credit but warn buyers not to count on this happening.
The credit is worth 10 percent of the purchase price of a principal residence, not to exceed $8,000.
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