Time is running out on the $8000 first time home buyer tax credit. Buyers wanting to take advantage need to be in contract on a property by April 30 and close the sale by June 30.

The deadline has definitely spurred a flurry of activity and pending sales are reflective of this increase demand.

If you're thinking about taking advantage of the 1st time buyer (or now, move-up buyer) tax credit here's a great video explanation of how the credit works, who qualifies and what the restrictions are.