It’s coming down to the wire. You have only until the end of April to get a house under contract if you want to take advantage of the federal homebuyer tax credit.

While that’s a tight deadline, it’s not an impossible task. You don’t have to close the transaction by April 30 – you simply need a signed, agreed-upon contract. With a contract in place, you then have until June 30 to complete the purchase.

If you plan to have a contract on a home by the April 30 deadline, though, don’t procrastinate even a little. Negotiations between buyers and sellers sometimes take several days. An unexpected hiccup that pushes the contract effective date into May will be costly. The credit is worth up to $8,000 for first-time homebuyers and as much as $6,500 for other homebuyers. (There are income limitations for both types of credit and occupancy requirements for the existing-homeowner credit.)

I’m not suggesting that you rush into a home purchase simply to qualify for the tax credit. If you’re not mentally and financially ready to buy a house, the tax credit won’t magically get you there. But if you’re searching for a home and just haven’t decided on the right one, this deadline should add urgency to your search.

It’s not too late to take advantage of this opportunity to save a large sum of money – but it’s getting close. Contact your Texas REALTOR® today and find out whether the tax credit applies to your situation.