The biggest gains, however, tend to come after the Fed begins cutting rates following a stock market panic. Following the first Fed rate cut in March 2020 due to the COVID pandemic, the S&P 500 was up over 27% in the next 12 months. Meanwhile, following the rate cut after the Sept. 11, 2001, market crash, the S&P was nearly 21% higher a year later.

There are some compelling reasons why homebuyers may want to act now that the Fed has cut rates. Here's what to know.

MORE: What does the Fed interest rate cut mean for mortgages and homebuyers? By the end of 2024, interest rates will fall another half of a percentage point from their current lev

After years of rate hikes in its effort to tame rising inflation, the central bank has elected to do something it hasn’t done since 2020: make a cut. While on one hand the Feds