U. S. residents ready to move in their homes for the first time and enjoy an $8,000 tax credit have time till the end of next week. Event people buying a second house or additional property are entitled to a $6,500 tax credit.

The tax credits are Federal Government's plan to increase homeownership rates in U. S. According to reports, more than 20,000 residents in the Southern state of Mississippi have already collected around $139.4 in homebuyer tax credits.

This program was earlier eligible only for first-time home buyers but was later expanded last year to include people who already own properties. People working in the real estate sector are stressing that the demand is surely increasing, as the deadline to claim these credit nears.

The program has more first-time home buyers than repeat buyers, according to real estate agents. Experts familiar with the real estate sector stress that these measures will improve housing demand especially in the shorter term.

Other associated sectors also stand to benefit from these developments. Another positive factor includes the lower rates of prevailing mortgage rates in market. The long term impact of these measures is still open to debate.

Experts still suggest that is better to first consult a financial consultant and only then make a decision to buy a house. People still have a week left for these credits, as they run till the midnight of April 30th.