On Thursday, the Federal Reserve cut interest rates by a quarter of a point, which could help home buyers in Charlotte County while the real estate market recovers from Hurricanes Helene and Milton.
Watch Fox 4’s Alex Orenczuk report on how rate cuts will impact a recovering real estate market in Charlotte County:
Fed cuts interest rates as ‘as is’ properties hit the market after hurricanes
“Today the FOMC took another step in reducing the degree of policy restraint by lowering our policy by a quarter percentage point,” said Jerome Powell, Chair of the Federal Reserve of the United States.
This is the second time in a row the Fed has cut interest rates and the benchmark rate now sits at 4.5%.
“For our typical middle American buyers who are buying their primary home here or considering some of the new construction developments, a quarter percent is a big deal to their pocketbook,” said Carla Nix, who owns the Nix Team at Coldwell Banker Sunstar Realty with her husband Danny. “And it helps offset some of that inflation they have been battling and also puts them back in the buying market which is great.”