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GREENSBORO – Triad real estate experts say a pair of tax credits helped fuel a surge in sales of existing homes in March.

But the tax credit clock is ticking and interest rates are on the rise.

First time homebuyers – those who haven't owned a home in three years – are eligible for an $8,000 tax credit. Those who've lived in their present home for at least five consecutive years out of the last eight are eligible for up to $6,500.

But the catch is that the home must be under contract by April 30 and the sale closed by the end of June.

"The people that are out there and wanting to take advantage of that are certainly out there right now,” said Bill Guill, president of the Greensboro Regional Realtors Association."We're seeing a lot of activity with our listings."

Guiill's counterpart in High Point said prospective buyers had their work cut out for them to find a home they want and sign their names on the dotted line, but it was still realistic even with the deadline looming.

"It's not too late," said Ken Wall, of the High Point Realtors Association. "I'm working with a buyer today that just started the process today. Obviously the sooner you start the better, because there are things that have to be done."

Wall said the tax credits may be generating as much as 80 percent of current home sales in High Point, but with the credits set to expire and interest rates starting an upward creep, the future is hard to predict.

"Obviously, once the tax credit is passed, the market's going to have to make it on its own," said Wall.

Guill said a sustained turnaround in the housing market largely will depend on more of the unemployed going back to work.

"The unemployment rate has to continue to go down in our area," Guill said. "I think that when that starts to happen on a continual basis, we'll see consumer confidence rise and people will feel more at ease about probably purchasing."

Sales of existing homes in Greensboro were up 48 percent in March over February of this year.

In High Point, March home sales climbed by 106 percent.