Fed Steps In with Rate Cut – Good news for real estate!

This week our listings saw 1.6 showing each on average.   The market hasn’t shown many signs of improvement yet.   However, there was some good news this week that will hopefully lead to an increase in the number of buyers in our market.   The Federal Reserve stepped in this week and lowered a key interest rate by a quarter point to 4.5%.   This is the second reduction in two months.   Last month this same rate was cut by 1/2 a point.   The federal funds rate is now at the lowest level its been at since January 2006.   Although the rate cut does not have an immediate impact on mortgage rates, surely it will have an impact on buyer confidence in their ability to purchase a home.   Conditions are spectacular for home buying right now and surely it won’t be long before people begin to realize it and take action.   Next week my monthly E-Newsletter will be distributed and will include key Charlotte market stats from October.   I know I’m anxious to see what the numbers reveal.   Be on the lookout!

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