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This week, Congress extended an $8,000 tax credit for first-time homebuyers through spring 2010, along with a new credit of up to $6,500 for current homeowners who purchase and move.

Local real estate professionals say the lure of the tax credits could boost sales in what's traditionally a slow time of year: winter.

The first-time buyer tax credit was set to expire Nov.30. Fayetteville Realtors say the $8,000 has already helped boost sales this year.

"This will get people to jump, I think," said Kathy McKnight, an agent with Century 21 Cross Creek in Hope Mills.

Jimmy Townsend, owner of Townsend Real Estate in Fayetteville, said the expansion of the credit could inspire "move-up buyers" who didn't previously qualify for the tax credit, which comes as a check for homeowners to use as they please.

"It's opening up a new group of buyers," said L.D. Jones, co-owner of Hobgood, Jones and Associates in Fayetteville. "I think it will make a difference."

Under the new legislation, many first-time buyers could qualify for up to $8,000 if they sign a purchase agreement to buy a home before May 1 and close on the deal before July1. It's available to buyers who haven't owned a home within the past three years, under certain price and income requirements.

The new credit for existing homeowners is a credit of up to $6,500 if they buy a new principal residence by those same deadlines. To qualify, they'd have to have owned their current home for at least five of the last eight years.

They'd also have to meet the same requirements for price and income. The new home can cost no more than $800,000. The credit is phased out for individuals with annual incomes above $125,000 and for joint income tax filers with incomes above $225,000.

Critics have said the tax credit, expected to cost $10.8 billion, is poorly targeted because most recipients would have bought homes anyway by this spring.

But local real estate professionals said it may spark sales in winter, traditionally a slower time of year.

"Normally, November through February are historically our slower months," Jones said.

Because of the deadlines, some buyers may look earlier than they'd intended in order to take advantage of the credit.

The key, Jones said, will be to make potential buyers aware of the credit - and the deadlines.

Lawmakers have said the credit won't be extended again.

Several agents said the credit is a big factor with many buyers. Through most of 2009, Fayetteville-area sales have been down from 2008. But as builders have reduced prices on their inventories, sales of new homes has been stronger since the summer than sales of existing homes. In September, the 170 closings on new construction was higher than September 2008, when 129 new homes sold.

People who decide to buy now will likely benefit from lower average prices. In September, the most recent month for which data is available, existing homes sold for an average of $122,913, down from $129,148 in September 2008. And new homes sold for an average of $192,888, compared with $202,432 in September 2008.

Sales have seemed to slow recently since potential first-time buyers had thought the tax credit was to expire Nov. 30, some agents said.

"Because of the deadline at the end of this month, some buyers have really kind of said, 'Oh well, I missed it.' And that opportunity was going away. So things had slowed down," McKnight said.

Now she's expecting it to pick back up.

Travis Register, an agent with Century 21 Cross Creek, put in an offer this week for a first-time buyer.

"It's nice to be able to have this tool in the toolbox," Register said. "It's kind of hard to turn down $8,000."