Grab a real estate deal in Charleston - while you still can....

(Money Magazine) -- If you've been holding off on a real estate purchase, glimmers of the turnaround in the housing market may have you wondering if it's finally time to make your move. While home prices remain low, they're no longer free falling in most markets. Mortgages are historically cheap. And the sweet tax credit that was offered to new buyers last year has been extended to April 30 and expanded to include some current homeowners. 

Current homeowners who sign a contract to buy a home on or before April 30th get a dollar-for-dollar reduction on their taxes of 10% of the purchase price of the house, up to a maximum of $6,500 (first-time buyers get up to $8,000)

HOW MUCH COULD YOU LOSE BY WAITING.....

Besides the loss of the tax credit, the biggest game-changer facing buyers is a potencial jump in mortgage rates. If the Fed moves ahead with it's plan to stop buying mortgage backed securities at the end of March, the rate on the 30 year fixed mortgage is expected to increase nearly a full percentage point from today's 5.1% to 6.1% by the end of 2010, according to the Mortgage Bankers Association. On a $300,000 fixed rate mortgage,  that's  an extra $174.00 a month!