If you wait for the bottom you will probably wait too long!

If you work in the real estate market as a realtor, mortgage loan officer, builder, appraiser, etc then you have no doubt had a conversation in the last 3 months about "when will we see a bottom?" and the good news is that many signs are pointing to that answer being right now - especially here in North Carolina!  

One of the Biltmore preferred lenders sent us an email today with some news that we wanted to share as the quote to start the newsletter said it all - "IF A WINDOW OF OPPORTUNITY APPEARS, DON'T PULL DOWN THE SHADE." Tom Peters. 

• On Wednesday, the Fed announced that over the course of 2009, they will purchase an additional $750 Billion of Mortgage Backed Securities, as well as $300 Billion in long-term Treasuries, primarily to help shore up the housing market and keep home loan rates low.  It's important to understand that while their actions may keep a lid on rates moving higher, they may not cause them to move dramatically lower. 
• While we know there is little inflation at the present time, the chatter of future inflation could have a negative impact on Bonds and home loan rates, or at least stifle any improvements.
• Housing Starts for February came in better than expected and actually increased for the first time in eight months. In addition, Fed Chairman Bernanke stated the recession should end in 2009 and that he is confident of the long-term outlook for the US economy.
  

Although the media is already spinning it differently, this is not a time to stay on the fence, hoping and waiting for lower rates. Home loan rates remain within inches of all-time historic lows, but may not necessarily move significantly lower based on this purchasing plan - waiting is a very risky move.

Biltmore Homes has great inventory and pre-sale opportunities in our new home communities so contact us as we look forward to working with you!

Built For Life!

 - Team Biltmore

A special thanks to Denise Beatty at Wells Fargo for sharing the great above information.