LAS VEGAS -- If you're in the market to buy a home, time is running out to take advantage of the home buyer's tax credit.
First-time home buyers could get up to $8,000 but they have to shop carefully. If the buyer is hoping to purchase a short sale or foreclosed home, they could be out of luck for making the deadline. To get the tax credit, a buyer must be in escrow by April 30th.
Kimmie Diarenzo has been styling hair for the past seven years. She has saved every paycheck to go toward her dream home. "The house is four bedroom and 1800 square feet," Diarenzo said.
With historically low prices, experts say it's never been a better time to buy. Besides getting a good deal, as a first-time home buyer, Diarenzo also wants to make sure to get the home buyers tax credit of up to $8,000.
"I am very excited. Sometimes I can't sleep at night," said.
"We got her into a contract and she will close on time, so she will get her credit," said Tiffany Sims, a realtor.
Sims is a realtor with The Nolf Group. "People are scrambling," she said adding that while the deals are good, the pickings are slim.
"Our inventory is very low right now. We only have just a little under 11,000 properties on the market."
"There aren't a lot of homes out there to choose from at the same time some of the banks have foreclosures that take quite a while," said Bill Ochs, Nevada Mortgage.
He says some buyers might be out of luck if they're trying to buy a foreclosed or short sale home.
"I've got people who are waiting on short sales six to nine months to get the tax credit. You have to be in escrow by April 30th and seal the deal by June 30th," said Ochs.
He says buying a new home may be the best option. Luckily, for Diarenzo she started early and is now waiting to move in.
Ochs says there is a silver lining even if you miss out on the tax credit. He says low interest rates and low home prices make it a great time to buy.
Homeowners who have lived in their current homes for five years or more can also be eligible for up to a $6,500 in tax credit if they upgrade and meet the same deadline.
