Move-Up Tax Credit Not Having Much Affect

Unlike the $8000 First Time Home Buyer tax credit, the $6500 that move up buyers can receive is not making people buy. The reasons why current home owners are not making a move are simple: unemployment is high, consumer confidence is low, homes are not always worth what they were a few years ago when many people refinanced and borrowed against all the equity they had, which may be gone now, and $6500 is not necessarily enough to make people want to move. Unlike first time buyers, where there is a giant benefit of buying when the market is low, interest rates are low, and they can stop paying rent, move up buyers do not have the same motivation.