For most people, it can take up to 60 days to negotiate the price of a home, secure funding, get an inspection and close the loan and sale. But, while time is running out, even real estate agents admit rushing into a decision just to get the $8,000 is just as risky as waiting to make that offer.

After sticking his toes in the waters of home ownership for months, Rick Fuentes realized it was time to jump in.

“My dad said, ‘You're running out of time to buy a house,’ and we jumped on it,” he said.

He made an offer on a home last week. If all goes as planned, he'll just make the deadline of Nov. 30 to receive the $8,000 first-time homebuyer tax credit.

“It's going to help with furniture and remodeling,” he said.

Real estate agent Stacey Lacey says her office has been bombarded with calls from potential homebuyers wondering if there's still time to take advantage of the incentive.

“Typically it takes 45-60 days to close on a property, so advice I'm giving clients is, if we can have you under contract by mid-October, I feel confident in that,” said Lacey.

Lacey warns however that you shouldn’t rush into making the biggest purchase of your life just for $8,000 because the wrong decision could cost you a lot more in the long run.

“That is a big step, so I would say think about it. Ask yourself if your income will change, and whether you will have a child or new expenses. If you can answer confidently and you feel confident, I would take advantage of what is here now,” she said.

Because, like Fuentes, it might also be time for you to dive in.

“Jump into it. I don't see any reason why you shouldn't.”

Most industry experts believe Congress will extend the incentive. In fact, the National Association of Realtors has even asked Congress to expand the incentive to all homebuyers instead of just first timers. There's just no way to know for sure what will happen.