As I intended to try in January anyway, yeah an 8 grand incentive has made me try extra hard to do it before then as well as the fact that I found an awesome deal on a foreclosure.. over 2200 square feet 120,000! Unfortunately there's someone else's debt tied to my husband's credit (wrong ss number, correct name) and we're having issues getting it off so his credit score doesn't hit their new 620 cut off for loans *grumbles*.. I'm on maternity leave and don't have a contract so my income isn't enough.. so we are screwed hoping the house doesn't sell while we get his credit fixed.

For me, the home buyer's tax credit, although quite attractive, doesn't make me likely to buy a home this year. I suppose if you were already preparing to purchase a home, you had your finances in order, had the source of your down payment set, yes, it would make sense to accelerate your selection process and close on a deal while you are still eligible for the tax credit.

If on the other hand, you are in a situation were perhaps your financial situation is good, but not as solid as you would like; or you may have a high probability for relocation due to your job within the next 5 years, then it's perhaps best to wait and let the tax credit opportunity pass.

Yes, you'll miss on a great tax credit, but if you're in one of the situations that I mentioned above, buying a house under those circumstances now just for the tax credit, might come back to bite you in the future.