As part of the Housing and Economic Recovery Act passed by Congress in July, a new, temporary tax credit was created as an incentive for first-time buyers. The $7,500 tax credit is available to anyone who hasn't owned a home for at least three years and purchases a principal residence between April 9, 2008, and July 1, 2009. NAR has put together a comprehensive FAQ to explain the details of how the credit works. Combined with today's low interest rates, large inventory of homes for sale, and lower home prices, the tax credit represents another reason for your customers to buy now.