On July 30, President Bush signed a major housing bill into law. As part of the housing bill, congress has created a new, temporary tax credit to provide an incentive for first time homebuyers. The $7,500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009. First time buyers provide the stimulus for our market, since sellers of those houses typically move up to the mid price homes, and the mid price sellers move up to the more expensive homes. If you are not currently aware of how the tax credit works, you need to find out some of the basics. A summary of the program can be found here. Informing your clients of the credit and encouraging them to contact their tax advisors just may be the ticket to another sale, and another reason why a REALTOR® brings value to the transaction.