An individual that qualifies really has the following choices:

1)  If they buy before 4/15/09, they can claim the credit on their 2008 tax return when they file their 2008 tax return.

2)  If they know they are going to buy a home sometime before 10/15/09, they could extend their tax return, and then claim the credit on their 2008 extended tax return.

3)  If they have already filed their tax return, they can file an amended tax return to get the credit.

4)  If they anticipate buying a qualifying home this summer, but also anticipate getting a refund even without the credit, they could still file their return by the 4/15/09 deadline, without the credit, to be able to get their refund.  Then, when they purchase the house, they can file an amended 2008 tax return to claim the credit.

5)  If they buy a qualifying home in late October, 2009 or in November, 2009, they could file an amended 2008 tax return.

6)  If they don't want to do any of the above, they can claim the credit on their 2009 tax return.

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MLS Statistics

The following statistics are for the Fox Valley residential MLS area for all of 2008:

In 2008 the price range with the most sales was $100,000-$120,000 followed closely by $120,000-$140,000

The price range with the least amount of sales was $900,000-$1,000,000 followed by the $1,000,000+ price range.

The most common type of financing was a Conventional Loan, followed by cash transactions.

The months with the highest number of closings were June and May.

Overall, the average days on the market in 2008 was 134

The list-to-sales price ratio for the year is 96.3%

The average sales price in 2008 is $154,856

The average inventory is about 3,095 homes in any given month.