In order to receive the $8,000 Housing Tax Credit first time home buyers need to be under contract by the end of April and closed by the end of June. Based on the number of tenants giving First Rate Property Management notice to vacate due to buying a home, there seems to be a sense of urgency to take advantage of the $8K tax credit now. We saw the same thing happen in the fall of 2009 as the original $8,000 tax credit was due to terminate at the end of the year. If history repeats itself, we can expect more notices to come in April and May.

As I understand it, the $8,000 tax credit will not be extended again. Perhaps this will help stabilize our rental market.