The suffering economy has meant bargain prices on homes, with record low interest rates and incentives for first time homebuyers.

But if you’re thinking about purchasing a home, you might want to act fast – because time could be running out.

“It is a great time to buy. And it’s an opportunity for a buyer right now,” says John Kunz of Coldwell Banker – The Falls Real Estate in Great Falls.

With interest rates hovering at around 5 percent, they’re the lowest they’ve been in almost 30 years.

But those rates are likely to rise by the end of the year.

As Julie McCamley of the Great Falls Teachers Federal Credit Union tells NewsChannel 5, “If you get into a home right now with a good interest rate, that would be great because when rates go up you’re certainly not going to want to be taking out a new home loan – you would want to put that into a savings instead and earn the best return for your dollar while rates are good.”

First-time homebuyers have extra reason to jump on the chance to own a home, with the $8,000 tax credit still in effect.

That credit was extended last year but it is set to expire in just a few months.

“We don’t know at this point whether the government will extend that. We’re hoping that it may, because it looks like it has really been a good incentive,” Kunz shares.

Nationally, many experts say home prices should start rising again by mid-year.

But here in Great Falls, prices have historically remained steady. Kunz says this is because there has never been overbuilding – so the city has avoided speculation and price escalations experienced in other markets across the country – causing a lot of interest from outside investors.

“We are getting a lot of increase from out of state, from people in other markets where they’ve experienced a depreciation in their home values and they’re looking for a steadier investment, more of a solid investment.”

The Teacher’s Credit Union advises anyone looking to purchase a home to really take a look at their budget – and never get more house than you can afford – no matter how good the incentives might be.