by Senior Editor - K.K. Snyder

With the impending April 30 deadline for the homebuyer tax credit looming, potential buyers need to act fast to take advantage of the credit, which might not be extended for a second time.

Allan Willcox, president of the Albany Board of Realtors, announced Wednesday that to highlight the upcoming deadline, hundreds of area real estate agents will participate in the first Nationwide Open House Weekend April 10 and 11.

“We hope that the public takes this opportunity to explore their local market, whether they’re in the market for a new home, looking to buy a home in the next year, or just curious to see what’s on the market,” said Willcox. “There will be no high pressure sales tactics, just open dialogue between consumers and REALTORS®.”

Blue balloons will indicate which homes are participating in the Open House Weekend. There will be agents on duty at each home to answer questions about the property, as well as details about buying and selling a home in this market.

“We’re having open houses to place emphasis on the fact that, locally, we have over 800 homes very reasonably priced,” said Gary Eller, past president of the board. “It’s a good time for those buyers to get off the fence and get under contract by April 30. Now is the time to buy a home.”

Eller added that, while the entire closing process takes longer than the few weeks remaining before the tax credit deadline, as long as a homebuyer has the house under contract by April 30 and close within 60 days they can still qualify for the up to $8,000 tax credit. Repeat buyers may be qualified to receive up to $6,500 in tax credits through a tax credit program that expires June 30.

While it has yet to be announced for certain whether or not Congress will once again extend the tax credit program, Willcox and Eller said it looks unlikely.

“The government has other programs and finance packages that they’re coming out with right around the corner with HUD and Fannie Mae and Freddie Mac to keep this ball rolling,” Eller said. “This economy was due to the housing market and it will come back around because of the housing market.”

Willcox and Eller couldn’t say how many buyers in the Albany area have taken advantage of the tax credit since its inception, but know that it has increased sales.

“The tax credit program has been an absolute success,” Eller offered. “It got a lot of people in the market that would not have been in the market otherwise.”

Last month, there were 71 closings in the Dougherty/Lee County market, compared to March of 2009, when there were 60 closings, Eller said. He anticipates having 100 homes under contract by the end of April.

On a national level, the National Association of Realtors reported that the pending home sales index rose 1 percent in December, and remains 10.8 percent above the level set in December 2008. In November, the pending home sales index fell 16.4 percent, as home buyers thought the home buyer tax credit was ending. The tax was then extended through April 30.

Willcox encourages would-be buyers to visit their website at www.albanygamls.com or www.realtor.com to see all available listings. For more information, call (229) 883-6664.

Consumers can learn more about the process of buying and selling a home at www.openhousegeorgia.org.