Thank goodness! Congress & President Obama extended the first-time homebuyer tax credit yesterday. Buyers will have until the end of April 2010 to be under contract, and the transaction must close by June 30, 2010. There are several other changes, as well.
For a detailed, side-by-side breakdown of the old credit versus the new click here.
One of the main reasons I'm so happy to hear this is because I have several buyers who are waiting for short sale approval. We were under contract in plenty of time....but because the banks are so ridiculously slow in approving these sales, the buyers would have missed out on the credit were it not extended.