Think there's lots of time for tax credit? Think again

Jul. 10--Do you hear that clock ticking?

It's the sound of time creeping up on the expiration of the $8,000 tax credit for first-time home buyers.

Yes, it's only July and the credit doesn't expire until Dec. 1. And yes, it's definitely in the best interests of real estate agents and lenders to instill a sense of urgency in buyers right now, particularly because August is typically a ho-hum month.

But unless the federal government decides to extend or expand the credit -- as the housing industry has campaigned for -- it may be time for potential first-time buyers to reset their watches.

That's because it's not that a contract must be signed before Dec. 1 or a loan approved. It's that the sale has to close before Dec. 1.