The federal home-buyers' tax credit has been extended through April 30, 2010, with a 60-day extension if a binding contract is in place prior to the deadline. First-time home buyers will continue to be eligible for a tax credit of up to $8,000, while existing homeowners will now be eligible for a credit of up to $6,500. To qualify for the $6,500 credit, existing homeowners must have lived in their current residences for at least five years. The bill also increases the qualifying income limits to $125,000 for single tax filers and $225,000 for joint filers. The purchase price of the home is capped at $800,000.

Taxpayers can claim the credit on purchases completed in 2010 on their 2009 income tax returns. Home buyers do not have to repay the credit provided the home remains their primary residence for 36 months after purchase. This is a dollar for dollar credit against taxes due, not a deduction against income. How the credit may apply to you should be carefully verified with your accountant.

Combined with prices significantly below their peaks and fantastic mortgage rates, the tax credit extension is expected to continue to fuel the surge in home sales.

Homes = houses, condos & tenancy-in-common units (TICs)

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All information from sources deemed reliable, but not warranted and subject to omissions and errors. Median prices are fluctuating generalities which may be impacted by other factors besides changes in value (such as changes in buying trends), and may or may not reflect values for specific homes. Only a detailed comparative market analysis is useful in estimating the value of any particular property. Sales not reported to MLS (such as many new-development condo sales) are not reflected in these statistics.