According to the Federal Guidelines you need to be “in contract” by Friday April 30 in order to get the $8000. tax credit for first time home buyers. Since there has hardly been any inventory in the past 5 months not enough people are going to be able to take advantage of this in my opinion. There is a wonderful new listing on Dorset CT for $208,000 if anyone wants to make a run for it in the next two days. The California tax credit is in effect until it runs out of money. My accountant told me many of the young people in his office took advantage of the Federal Tax Credit this year. Good Luck!