So, this is great news for both buyers and sellers. For buyers, 30 year fixed mortgage rates were right around 6% today. . . . That is the lowest rate in quite some time. And with the potential bottom of the market occurring right now, there may never be as good a time to buy a home in Las Vegas as in the next few months. . . . While inventory is still high and you can pick the very best home for you.

For sellers, it may only be a short time before prices stabilize and begin to make a move in the upward direction. In fact, according to Murphy and Bottfeld, new home prices actually increased in August, which is yet another sign that the situation in the market is possibly reversing.

So, if you are thinking of buying, it may be time to get serious. Contact us today to learn about our David Brownell Team Best Buys List. Our Team digs deep and discovers the absolute best deals available in our marketplace, both new and resale homes. We offer the list (which is updated every other day) to all our prospective clients. These deals are so great that they are on the market for only a few days. . . .Yes, even in this “down” market.

And if you are thinking of selling, contact us to learn what you need to be doing to make sure you will sell for top dollar, even during these difficult times. In fact, we have a Special Report that I prepared, specific to the Las Vegas market entitled “How to Sell Your Las Vegas Home for Top Dollar. . . .Even in this Down Market.” Request your copy today!

We can be reached on our office number (702) 220-9696 or toll free (800) 321-2065. Or alternatively, you can email me directly at David@LasVegasMove.com.

Have a great day!

David

P.S. I have attached an internet article regarding the interest rate adjustment that occurred today. Enjoy.

Sep 18, 3:03 PM EDT

Federal Reserve Cuts Key Interest Rate

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) — The Federal Reserve cut a key interest rate for the first time in four years, seeking with an aggressive half-point move to prevent a steep housing slump and turbulent financial markets from triggering a recession.

The Fed announced Tuesday that it was reducing its target for the federal funds rate, the interest that banks charge each other, from 5.25 percent to 4.75 percent. The half-point reduction was double the quarter-point move that many economists had been expecting.

The action was designed to boost economic growth by lowering borrowing costs for millions of consumers and businesses. Commercial banks were expected to quickly match the Fed’s action by cutting their prime lending rate. The prime rate has been at 8.25 percent for the past 15 months.

The Fed’s action came in the midst of the worst slump in housing in 16 years. That downturn has triggered record defaults in sub-prime mortgages and roiled financial markets around the globe as investors have become worried about where the spreading credit problems will next appear.

The financial market turmoil represents the first major test for Fed Chairman Ben Bernanke, who took over from the venerable Alan Greenspan in February 2006.

In addition to cutting the federal funds rate by a half point, the central bank also reduced its discount rate, the interest it charges in making direct loans to banks, by a half-point as well.

The Fed had also cut the discount rate on Aug. 17 as it scrambled to respond to the growing credit crisis.

In explaining its action Tuesday, the Fed said that “the tightening of credit conditions has the potential to intensify the housing correction and to restrain economic growth more generally.”