Las Vegas, NV (PRWEB) February 1, 2008
The Federal Reserve announced an unusual 0.75 percentage point rate cut on January 22, 2008, and a second 0.5 percentage point rate cut on January 30, 2008. With 30 year mortgage rates already at the lowest levels since the summer of 2005 a survey of real estate agents and brokers subscribed to LeadToRealty.com found that the vast majority, 83%, expected their business to improve this year as a consequence of the rate cuts.
Real estate agents and brokers were asked about their overall expectations for their business volume in 2008 after the rate cuts were announced given current real estate market conditions. Out of the total, only 17% did not expect any improvements and thought market conditions would stay the same. The other 83% expected conditions to improve, with 29% of the total indicating that even though they expected things to pick up they felt that their business would still be below what they would like to have.
The majority of the respondents were overtly optimistic about their prospects for this year, with 54% of the total expecting either good or great results. In this group 42% of the total agents surveyed indicated that they had higher expectations due to the rate cut. A total of 12% indicated that they had great expectations and that the rate cuts should revive the real estate market.
The survey was conducted among real estate agents and brokers subscribed to LeadToRealty's service of high quality real estate leads. Prospective home buyers and sellers can use the service for free to find local real estate market information and to connect with real estate agents and brokers in their area of interest.
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