President Barack Obama signed into law Friday a bill that includes new tax credits for homeowners in an attempt to stimulate the economy.
Tax credits of up to $6,500 for existing home-owners will be available for people who buy a new place after living in their current residence for at least five years.
Also, the bill extends a credit up to $8,000 for first-time homebuyers. Here’s what some Chattanooga real estate agents had to say about the provisions:
“People who have lived in a house up to five years, they’ve saved and have equity and can move on. It opens their house up to possible first-time homebuyers.” — Nickie Schwartzkopf of ReMax Properties
“With the tax credit monies, people buying a house are going to be spending for those big-ticket items like furniture, appliances, redoing a kitchen, redoing a bath, which will help seriously in the stimulation of the economy.”
— Randy Durham of Keller Williams
“That’s what they should have done to start with. They should have made it for everybody. That would have given the move-up people the incentive to buy a house.”
— Pam Duffy of Keller Williams
“It will help move-up buyers get back into the market sooner than they planned to. We still have a lot of inventory out there.”
— Elwynn Schwartz of Chattanooga Real Estate Consultants
Mike Pare, the deputy Business editor at the Chattanooga Times Free Press, has worked at the paper for 27 years. In addition to editing, Mike also writes Business stories and covers Volkswagen, economic development and manufacturing in Chattanooga and the surrounding area. In the past he also has covered higher education. Mike, a native of Fort Lauderdale, Fla., received a bachelor’s degree in communications from Florida Atlantic University. he worked at the Rome News-Tribune before ...
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