NASHVILLE, Tenn. -- The Greater Nashville Association of Realtors released new numbers Monday that show homes sales last month were 22 percent higher than October 2008.

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It has been well reported over the last year that there are tax breaks for new homeowners, but what if you already own a home? There is potential for existing homeowners to save thousands of dollars.

Donna McRae's three-bedroom, two-and-half-bath Sylvan Park home has only been on the market for a few days. While the home's location is desirable, McRae hopes timing is on her side. She is selling her house after new incentives were passed into law last week by the federal government.

"I think it encourages people to look more than maybe if they weren't on the line," said McRae.

A first-time home buyer who completes the deal by May 1 will get an $8,000 tax credit. Residents who already own a home but buy a new one will get a $6,500 credit if the transaction is completed by spring.

As part of that deal, the resident must have lived in their existing home for five out of the last eight years.

"A couple has to make $225,000 or less. If the person is single, they must make $125,000 or less. And the new home has to be under $800,000 in price," said Realtor Richard Courtney.

Courtney said he feels there is a strong market for that group of buyers in middle Tennessee.

"That's a market that's been sitting on the fence recently, waiting for the market to bottom, as they call it," said Courtney.