I read an article from REALTOR® Magazine online that points out that interest rates are at 2 year lows. The 30 year fixed dropped to 6.1 percent this week. And with the industry and the economy being the way it is now, another rate cut could be in the future.

Lenders I talk to say that another 25 basis points or in other words another quarter of a percent could be cut in December. That would be great, and then again, it might not be as good as I hope. Most mortgages are already being traded at lower rates in anticipation of the rate cuts. However, once the mortgages start trading at a higher rate after the actual rate cut, interest rates might not look as good to consumers.

Sadly most consumers are unaware of what these cuts mean to them. They sometimes do not understand what power they have in this market either. The ball is in their court and they need to run with it. In a buyers market, buyers control the market and they have the power of negotiation on their side. If a seller does not want to bargain, then the buyers might find another home to buy. This could leave the sellers with a property that could linger on the market for an untold amount of time.

In any event, I still believe that this is a good time to buy. Low prices and interest rates, and a huge inventory of homes makes it a great time for buyers to realize a great deal.