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"Buying a home is a practical purchase," he said. "You buy because you're ready and you know how much you want to spend, the timing of the purchase and the location." But this shift may bring those who were considering buying a home into the market more quickly.
"Hesitant home buyers will be enticed to take advantage of low interest rates," said Lawrence Yun, chief economist at the National Association of Realtors, in a statement. He said the rate cut not only helps individual buyers, but also the entire real estate sector.