It looks like the $8000 tax credit for first time buyers is starting to have an effect. We have TWO pending sales for first time buyers ourselves. What I predict will happen is that the owners who are reluctant to "move up" into that over $250k price range will see the smaller homes selling , and prices stabilizing in that range, and will decide to list their nicer, smaller homes, and get that larger home at today's prices. Hard to believe, but there aren't very many affordable, yet well maintained homes available. And still there are way too many over-priced homes on the market!
Lenders are more and more demanding about verifying information about the buyers and the properties (and this is a good thing), but if you have good credit and choose a home to buy that isn't a major "fixer", a 30 year conventional or FHA loan still can be done within 30 days. The natonal pundits keep telling us that no one is lending, but that isn't true. Using a local lender may be the decisive factor there. No question that many of the huge national lenders are in disarray, but most local banks and mortgage houses are in good shape. Ask your realtor (or us) for three referrals to lenders you can count on. And don't let fear rule your decision-making. It's a good time to buy!
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