As you well know, interest rates are very low. And there are quite a few properties on the market - your choice is not really limited. And it is still buyer's market. My advice to you is - do not waste time. Go talk to a loan officer and get preapproved. (If you need help finding one, let me know). Do not waste any more time. This is the right time to buy! There are so many bargain deals: foreclosures, short sales, etc.
As of today, the treasury has bought about $250 billion in mortgage backed securities under their program that is causing these low interest rates. They just started this about three weeks ago. There was a total of $750 billion allocated for this program, meaning that 1/3rd is already used up just a few weeks into it. Once it is gone rates will rise up again. This means that people have another 6 weeks at this pace before the short is over and rates could rise after that.
Good luck!
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