The Fed, in an effort to strengthen our economy, cut interest rates yesterday by a 1/4 point! Ben Bernanke, Chairman of the Fed, along with most of his colleagues, agreed to lower the federal funds rate to 4.50 percent. Subsequently, many large commercial banks announced that they were reducing their prime lending rate for, among other things, home equity lines of credit!
The reduction in interest rates, along with our sluggish housing market, make this a perfect time to purchase a home! Our local housing market (Washington DC, metropolitan area) has many houses that are just waiting for the buyer who is interested in increasing their net worth and building wealth through Real Estate. Prices of our local houses have decreased, so now is the time to expect sellers to contribute to closing costs on behalf of astute purchasers.
We, at the Bassette Group, would love to have the opportunity to consult with you and teach you how to take advantage of this awesome buyer's market! Just give us a call at 703.530.1100 or send and email to Peggy@BassetteHomes.com
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