Hi Rob.
I'm assuming that you are in Midlothian, Texas. If so, the market is great for you. Mainly for the reasons that John Sommese mentioned but also because Texas doesn't have a down market. Real estate is very local. Sometimes as local as a subdivision. That's why you'll need a great REALTOR in the area that you want to purchase. They know what's going on with the individual markets. Also, ask them to sign an agreement to represent you. Most of those agreements obligate them to work in your best interest rather than their own or for the seller. With low interest rates and a steady market place, Texas real estate is a great investment. I wish you the best!

Rob, At this point in time the interest rates are very attractive. Prices of homes have adjusted to what they were in 2004-2005. In some cases, you are able to find sellers in situations were they need to get the home sold and are very motivated. With all these factors coming into play, it seems like the best opportunity to purchase a home. Another deciding factor, and most important, is being a homeowner as opposed to a renter. Keep in mind that the taxes and interest on a home is a write-off every year. You will also realize an average appreciation over a period of time between 4-7% per year. So if you come across the right property, buy it !!!

Rob---rates are low and house prices in most areas are also bargain priced. If the general consensus is correct, the 2009 market will have started recovery----I would suggest getting pre-qualified and start looking for your 1st home---seller's are readily negotiating. Good Luck