Passage of the new housing bill being pushed through Congress has stalled because of one senator’s insistence on adding an energy bill he came up with to the package. The bill, targetted for submission to the White House before July 4th, will have to wait until after the holiday. And homeowners, home buyers, and other players in the housing market will have to wait and see what shakes out.

One provision involves the creation of an $8,000 tax credit for first-time home buyers. Credits are good–better than deductions, because they offset your tax obligation dollar-for-dollar and put real money in your pocket. If this provision survives and makes it into the bill, first timers could enjoy unprecedented opportunity to achieve “homeowner” status. This would also be a boon to sellers in distressed markets. By making it easier to buy a home, the credit could stimulate the housing market as well as improve the financial health (and thus decrease the default risk) of new borrowers.

So take a look at your local housing market. Check out mortgage prequalification calculators. Find a real estate agent and a lender you trust. If a housing bill passes with that credit, your housing market may swarm with bargain-hunting first-timers. Why not do some homework ahead of time, be able to make a stronger (preapproved) offer, and get the jump on your competition?