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oble Black, Douglas Elliman's top agent with over $3 billion in sales, believes the Federal Reserve's rate cut will boost the real estate market. On CNBC's Power Lunch, he noted that buyers are already responding to lower interest rates, citing a surge in signed contracts this summer, particularly in hot markets like Manhattan and Brooklyn.

    Black expects more people to start financing homes as rates decrease, even those who can afford cash deals. He predicts that the 0.50% rate cut will drive prices up initially due to increased demand but offers long-term benefits, including more builders entering the market and addressing the national housing crisis.

    For potential buyers, Black advises against waiting, warning that delaying could lead to higher prices and reduced affordability, even with lower interest rates. He also calls for reducing "red tape" (regulations) on builders, describing the current regulatory environment as an unnecessary layer hindering construction.

    Black's comments come as Vice President Kamala Harris has promised to build three million housing units over four years and proposed new tax breaks for first-time buyers. The GOP has vowed to reduce mortgage rates by defeating inflation and allow new home construction on some federal land. As the market anticipates further Fed moves, Black provides insights into potential changes in financing, pricing, and construction that may reshape the landscape for buyers, sellers, and builders in the coming months.