HONOLULU -- President Barack Obama signed a $24 billion economic stimulus bill into law on Friday that extends and expands a popular tax credit for homebuyers.

The $8,000 credit for first time homebuyers has been extended through the end of June. It was set to expire at the end of this month.

Now, more people can now qualify because the income cap has been raised. Single buyers can now earn up to $125,000 and still get the full credit, while a married couple can earn $225,000. Also, current homeowners may now qualify for a $6,500 tax credit if they want to buy a new home.

"The challenge is going to be to take advantage of the tax credit, is to actually find home, get into it, and close by the time deadlines," Hawaii Prudential Locations Vice-President of Sales Scott Higashi said.

The number of homes on the market is at the lowest point in two years, according to local real estate brokers.

A University of Hawaii economist said the tax credit is not an efficient way of stimulating the economy because most people looking for a home were going to buy anyway.

"Anybody who's buying gets that tax credit. It ends up being a very expensive way to induce a few people to go out and buy new homes," professor Carl Bonham said.

If you want to take advantage of the tax credit, real estate experts said you should have your paperwork done by April.