The $8,000 first-time homebuyer tax credit expires December 1st. Illinois REALTORS® urge our leaders in Congress to extend the deadline and expand the program to all buyers. Yes we have more affordable home prices and record low interest rates, but it’s been the boost from the tax credit that has motivated buyers who’ve been waiting on the sidelines to go look at houses and take that step to homeownership.

Without Congressional action NOW, the market may freeze again – possibly as soon as October. To be eligible for the tax credit, the home must be purchased before December 1, 2009. Buyers need to find a house, complete a contract, secure financing and go to closing by November 30. Today that process can take 45 to 60 days.

Watch this video with first-hand stories from REALTORS® nationwide about the positive impact of the first-time homebuyer tax credit.