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