Ames realtors are prepping for a busy month, as consumers rush to take advantage of tax credits that will expire April 30.

“On April 30, you get an $8,000 tax credit for a first time homebuyer. On May 1, you get zero. That’s a pretty strong motivator,” said Tom Randall, broker and owner of the Tom Randall Real Estate Team, 207 S. Third St.

Signed into law on Feb. 17, 2009, as part of the American Reinvestment and Recovery Act, the credit was set to expire on Nov. 30. With support from industry groups, on Nov. 6, Congress extended the credit. Randall said the credit will probably not be extended again.

“This time we haven’t heard anything,” Randall said. “From the National Association of Realtors on down, we haven’t had any indicators that that’s going to be a possibility.”

That means the next month could be interesting as consumers try to get last-minute deals.

“It’s really going to be interesting in the four weeks in April as we approach the final day,” Randall said.

In a sluggish economy, every bit helps. Ames saw 590 residential sales in 2009 — down from 626 in 2008 and 786 in 2007, according to information from the Ames Assessor’s Office. Ames’ real estate market picks up in the spring and summer, but the tax credit helps, too.

“I think it’s been very successful. For the first-time homebuyer, I’d give it an A,” Randall said. “There’s never been a bigger incentive to buy a home since I’ve been in the business.”

Credit Breakdown

First-time homebuyers, who haven’t owned a home within the last three years, may be eligible for a credit equal to 10 percent of the home’s price, up to $8,000. Those who have owned and occupied a primary residence for five consecutive years during the last eight years can qualify for a credit up to $6,500. Single tax filers earning up to $125,000 qualify for the entire credit, filers earning up to $145,000 qualify for a partial credit. Filers earning more than $145,000 are ineligible. Married tax filers earning up to $225,000 qualify for the entire credit, filers earning up to $245,000 qualify for a partial credit. Filers earning more than $245,000 are ineligible.