I just finished talking with a colleague who recently lost a second potential home for a buyer because they didn't write the offer quick enough.  What?  You thought this was a buyer's market?  Well, with only about 3% of the homes listed for sale selling, yes, it is.  But there are only a limited number of great deals out there.  You know the ones that I am talking about - the super killer price well below market with either all the bells and whistles or upgrades you can imagine.  Usually not a serious fixer.

But wait, you still need to get pre-qualified with a lender?  All the more reason to get ready, because once your offer is accepted you are going to be able to lock in your rate.  And don't wait to do that. Yes, rates did just drop, but you'll be kicking yourself when you end up having to pay .25% or more because you didn't lock them in.  Right now the market is volatile with the stock market dropping horribly and no one knowing who is going to make an official announcement regarding the economy.  Don't forget its an election year and Bernanke doesn't know if he or Greenspan are running the Fed.  Get with a lender today. Preferrably a person you know and trust in the same state you live in so that they know the current climate of your market and all of the costs involved in doing business in your state. 

So let this be fair warning all you buyers out there.  The deals are out there NOW!  Yes!  But be ready to ACT if you are serious about purchasing.