First Time Home Buyer Credit Ends Soon.

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Story Published: Jul 13, 2009 at 3:05 PM PST

By David Klugh

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Your chance to take advantage of a tax break is coming to an end.
Hundreds of new home owners already cashed in on the $8,000 windfall.
I spoke with a couple who just used this tax break as motivation to move into a new home.
They have 5 words for those still sitting on the fence -- "What are you waiting for?"
"It's ours. It's ours. We can do whatever we want. It's ours."
It's tough to wipe the smiles from Ken and Kristina James' faces. They're homeowners. A club this young couple has been waiting years to join.

Kristina says, "Interest rates are low. The market in Yakima is really good right now and you're never gonna get this opportunity again."

The opportunity Kristina is talking about is the tax break that's putting a lot of extra money in their pockets. Buyers like the James' may be the only thing that's keeping the housing market numbers strong in our neck of the woods.

Sherri Bailey is a realtor for Windermere. "They're using that money to do home repairs, maybe pay down their debt ratio, things that are helping them get into home ownership."

But the $8,000 tax break is ending... You must close by the end of November. Do the math and you quickly realize, finding a home, negotiating a contract, and securing a mortgage now leaves you just a few short weeks to begin.

"All the refinancing that's going on, appraisers, title companies, everybody is needing a little more time than we did even 6 months ago," admits, Linda Chaplin of Golf Savings Bank.

And there's a reason Chaplin says it's taking a little longer these days. In fact, 75% of her business right now involves first time home buyers. And most of them are needing some kind of down payment assistance. It shouldn't scare you away from the process. But it should be fair warning that it's taking a little longer."

The only way to know if this time is right for you is to talk with a realtor or mortgage broker. Ken and Kristina did.

"We don't hold a crystal ball. We don't know what's gonna happen. So, why not?" says Ken.
And their message to you is "go for it" before it's too late.

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