It’s Confirmed! The Fed Cuts Rates. . .What does it mean to you?

Today’s rate cut marked the fifth time that the Fed has cut the funds rate since it started with a half-point cut on Sept. 18 in response to the severe credit crisis which hit global markets in August. In plain English, it’s getting cheaper to borrow money. If I was a buyer in this market, I would be jumping for joy. I can get a deal on a house NOW and pay less money monthly to live it. I was a buyer in 2006 and I couldn’t afford a 2 bedroom condo. It was priced at $260,000, which was way above my price range. Here we are: a year and a half later and the same condo is now asking $230,000, ergo my price range.  I don’t reject buying. Even if I would have gone to up $230,000, I would have over extended myself, especially since my fiance lost he’s job the second day of home-ownership. So, we were conservative and brought what we needed.

We’ve experienced tax benefits and peace of mine of having a place of our own to call home. That’s what home buying is all about. Finding somewhere to call home.