Potential home buyers who delay have a lot to lose.

First-time home buyer and move-up tax credits worth $8,000 and $6,500, respectively, expire April 30. Buyers who qualify get a dollar-for-dollar reduction in taxes or a cash payment if they don’t pay enough taxes to cover the credit.

Other factors that should spur buyers:

Low mortgage rates. If the Federal Reserve stops buying mortgage-backed securities at the end of March, 30-year rates will almost certainly rise to more than 6 percent.

Rising prices. About 30 percent of markets are already experiencing price increases. Prices are falling in 12 percent of markets, says Fiserv (but that only helps if you want to live there). 

• Purchase offers and acceptances involve contracts rights of the seller and buyer.
• Verbal communications do not create an enforceable obligation on the part of the seller to sell or on the part of the buyer to buy.
• Until all material terms of an offer to purchase have been set forth in writing and signed by the proposed buyer, the offer to purchase is not binding on the buyer.  Unless and until it is countersigned by the seller, the offer to purchase is not binding on either party.
• An offer to purchase, when signed by all parties, becomes a binding contract according

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