I agree with the previous poster about Winchester being a corrupt town.
The town is in trouble financially. Residents have two major projects which need to be undertaken over the next few years: a complete rebuilding of the Vincent-Owen school with a size increase, and a major overhaul of the high school including a size increase. With the huge financial hit the town took with the Farm and the lack of tax revenue from it, Winchester is in a financial hole.
The NAR is fighting hard to hold back the tide. Interest and mortgages rates are going up and not just a little bit. Currently the Fed, various government agencies (Fannie, Freddie, FHA), etc are purchasing or insuring (via TALF) over 90% of the mortgages originated. Normally this is below 15%. My personal estimates is that if the Fed stops supporting the mortgage market at the end of March, mortgage rates will approach the 7% level by the end of the summer.
What is only being discussed behind closed doors is the problem with the government's debt for 2010. Per Obama's budget that was just submitted, they're looking at $1.7T in new debt. With some of the rosy projections in the budget, this will easily move to $2T. But that's not the big worry.
China spent much of 2009 rolling its long term US Treasuries into short term as did others. In addition to the "$1.7T" in new debt which has to be raised, 40% of the already existing debt needs to be refinanced or "rolled over" this year. That's ~$3T of additional debt refinancing or close to $5T overall.
Last year new debt issuance was about $1.7T of which about $300B went to the traditional international sources. The remaining $1.4T was purchased by the Fed by printing up new dollars and diluting the supply and also in exchange for the MBS's (Mortgage Backed Securities) which the Fed was purchasing. The Fed bought the MBS's from the banks for top dollar and the banks bought Treasuries with the proceeds of the sales, thereby putting them, theoretically, in more financially sound positions and set up to be less exposed to the next leg down in housing which is coming.
You can't fund ~$5T in new deficit spending by just monetizing all this due debt; the dollar will be crushed. A large part of this will have to be raised externally which means higher Treasury rates and therefore higher mortgage rates. Much higher.
As rates go up, property values come down; for mortgage payments to remain constant with a higher interest rate, the house purchased has to cost less. Buy houses when mortgage rates are high and look to start coming down; then sell them when they've been low and look to start going up. If you plan on keeping the home, you then refinance with the rates have come down. (You can never renegotiate your home price; you can always refinance.)
Interest rate changes affect higher priced homes more than lower priced homes. If you're considering moving into a larger home, it might behoove you to wait until the fallout from higher mortgage rates have settled.