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Some people refer to the $6,500 tax credit for current homeowners as a "move-up buyer" tax credit. However, while many repeat buyers are using the opportunity to get into a larger home, buyers may also be eligible to claim the tax credit if they purchase a smaller, less expensive house.
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3 Comments on Tax Credit and the Move-Down Buyer
Rob and Jeannie,
Excellent post and a great reminder - there are a lot of buyers moving down for all the right reasons.....
You are right. With the economy we are currently experiencing, it would be wise for a lot of homeowners to take advantage of low prices and downsize.
I'm seeing most people wanting to downsize as well. Some are looking to get into single family living. The only benefit to these situation is that these people typically have equity in their homes.