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Tuesday, the Federal Reserve unexpectedly slashed a key interest rate -- the Fed Funds Rate -- by a bold three-fourths of a percentage point , responding to a international plunge in stock markets that fueled concerns about a recession. The Fed signaled that further rate cuts were likely.

The reduction in the federal funds rate from 4.25 percent down to 3.5 percent marked the biggest reduction in this target rate for overnight loans on records going back to 1990. It marked the first time that the Fed has changed rates between meetings since 2001, when the central bank was battling the combined impacts of a recession and the terrorist attacks.

What this means to you, the buyer in todays market, is only good news! Prices are low, Interest rates are low, Sellers are anxious to sell. It is the time that you have been saying you are waiting for!

Call me. 973-646-7423 if your purchase area is Northern New Jersey.