Phones Ringing as Deadline Looms

"Real estate agents say their phones are ringing a lot more,"reports Shannon Behnken, writer for the Tampa Tribune in Florida,"as folks scurry to sell and/or buy homes before next month's tax credit deadline."

"It's been absolutely nuts," said Paul De La Torre, a real estate agent with Keller Williams Tampa Properties. "I have showings galore and contracts are coming in left and right. I had 15 requests for showings yesterday."

To qualify for the credit, buyers must have fully executed sales contracts in place by April 30 and the deal must close by June 30.

First-time home buyers are eligible for up to $8,000. Buyers who have owned a home for five consecutive years within the past eight years can get a credit of up to $6,500.

Homebuyers that are qualified to receive tax credits are pretty excited about the thousands in government money they'll use to spruce up their newly purchased homes.

According to Houselogic.com, the National Association of Realtors' (NAR) consumer oriented website, the average tax credit refund in the past couple of years has been around $2,500. What home rehab projects for$2,500 will give you the most bang for the buck?

Houselogic.com editor, Mike DeSenne has selected five great projects, four of them eligible for additional energy efficiency federal tax credits of 30% of the project up to $1,500. Products utilized must meet the federal Energy Star Guidelines.

1. A tankless task - Replace your water heater with a new gas tankless version. Costs: Between $1,500 and $2,500, including installation. Saves $115 a year on water-heating costs; qualifies for the tax credit.
2. Think pink - A few rolls of that familiar pink fiberglass insulation could save you a lot of green. Costs: Between $1,000 and $2,500, but the federal tax credit excludes installation costs.
3. No pane, no gain - Replacement windows, desirable and expensive at $500 to $1,000 a piece; qualifies for the tax credit. Alternatively, choose tax-credit-eligible storm windows between $100 and $300 each installed.
4. Give your garage a facelift - The ultimate curb-appeal upgrade; energy-efficient garage doors. Costs: Between $550 and $1,650 for a single door or between $800 and $2,500 for a double door. Tax credit qualified.
5. Emergency power to the people - Portable or permanent units can provide lights or heat in the event of a disaster or storm. Costs: $500 to $2,000 for a portable; $4,000 to $5,000 for a permanent standby generator.