Is it time?

Is It Time?

In a highly unusual move on Tuesday the Federal Reserve slashed the fed funds rate to 3.5 percent, from 4.25 percent, hoping to calm the markets and to stimulate the slowing economy to avoid the recession looming in the horizon. That the Federal Reserve did so a week before its scheduled meeting gives you a hint what they really think about our economy.

When rates are that low, the opportunity to buy a home becomes a reality for some people. In a previous post I brought to you attention the “Perfect Storm” In a nut shell, I bring the facts to the front, from politics, to the Federal Reserve and the huge amount of home inventory out there at cut rate prices.
Tuesday’s move has made it even an easier decision for some people. If you are in the fence right now, consider these facts from the trenches.

• 
  You may have available a 5.250% Fixed Rate. . lowest in years.


• 
  Converting your existing home to an investment property and borrowing money as owner occupied for your new home. .may keep you away from becoming a seller.


• 
  Simply put. It’s a ”Buyer’s Market” out there! . .Meaning that that $800,000 home you saw a couple years ago. . SOLD to you in the $600’s!


• 
  If you been thinking to cut on your traffic commute but moving closer to your job but, thought that you couldn’t afford it. . think again.

Industry leaders warn if you're waiting for the fed to drop the rate even lower, don't get too greedy. Do you really believe that the market will go down even further?

Are you waiting for the real estate market to bottom up?

HELLO!! If you are waiting for the bottom of the market to buy. . when you even realize it. . the market is already on it’s way UP!
One more little nugget:
If you plans are to remain in your current home for 2 years or more and CAN refinance it a fixed rate. . DO IT NOW!
I can tell you that there's no guarantee it'll stay where it's at. When I see possible fixed rates in the lows 5% range . . .I would be locking it up!