My two cents:
The tax credit has it's pros, cons, and far-reaching economic consequences that are unknown and hotly contested. However, there is little doubt that it is of great benefit to the individual buyers to whom it is offered. My #1 job as a Realtor is representing prospective buyers and getting them into homes they will be happy with. I don't get involved in their finances, except to the extent that I need to in order to help them through the transaction. However, it is tremendously important to me to make sure that buyers are as educated as possible before they begin the process.
- Update: Congress has voted to extend the tax credit to include transactions written by April 30th and closed by June 30th, 2010. They credit applies to individuals who make up to $150k/year and couples who make up to $250k. The maximum purchase price is $800k. They've also added a $6500 tax credit for those buyers who've owned and lived in a home for at least 5 out of the past 7 years.