Despite the economic slowdown, it's a good time to buy a house.

The government expanded the popular Home Buyer Tax Credit.

Now first-timers and repeat owners can get thousands of dollars until April 30th.

It might just be a Christmas Present for the sluggish local housing market...an extension and expansion of the Homebuyer Tax Credit.

Amie Erwin, "I think the extension is great. We have several homes on the market in our neighborhood which is cummings cove and I'm sure a lot of the other neighbors are excited about the fact that some of them that have been on the market are going to move this Spring."

Now qualified repeat buyers like Amie Erwin can get up to $6,500  if they close on a house before June 30th.

And certain first-time homeowners can get up to $8,000.

Dot Heggie, Crye-Leike Realtors, "We think it will impact so many more buyers."

Crye-Leike's Dot Heggie saw how the first law boosted sales this year. She looks forward to even better results from the new one.

Heggie, "It's a great incentive.It really is and we feel like it will help the real estate market to pick up during the year and get us back on track."

Crye-Leike brought together local experts to dissect the discounts for homebuyers and realtors Thursday.

Gretchen Ide-Whelan, "That's enough to do some repairs and you know get things looking the way you want them to."

Gretchen Ide-Whelan learned she'll be able to qualify as a repeat buyer.

Ide-Whelan, "It's just icing on the cake. I mean times are tough all over for everyone and any little amount of cash you can get in your pocket is great."

Erwin, "The value of that money over time definitely makes it worth it for those who have been sitting waiting deciding on whether or not they want to buy upgrade or whatever. It would be kind of silly not to go ahead and take advantage of that."

Click here for more information on the Homebuyer tax credit.