What are people inside the real estate industry saying about the current market? Would they buy a home today? Is this a good market for first time homeowners?

For months now, Chicagoland home builders have been offering discounts and incentives to entice you to buy a new home. But how long will these incentives last? According to some industry experts, the discounts and incentives could go away with the first sign of improvement in the spring housing market.

Click here to read the Chicago Tribune article on the subject.

The Federal Reserve today slashed a key interest rate by three-quarters of a percentage point. The federal funds rate - the interest banks charge one another for overnight loans -- now stands at 3.5%. You can read more about the Fed decision at the Chicago Tribune website.

As for what this might mean for mortgage rates, click here for more analysis from Bankrate.com.

Some good news if you're trying to buy a home, fixed-rate mortgages have fallen to their lowest levels in 4 years according to finance giant Freddie Mac.

Click here to read more.

The Bush Administration today announced a plan to help homeowners who are about to lose their homes. You can read the full story about "Project Lifeline" at chicagotribune.com

There has been a lot of news lately about the current credit crisis and the steps the Federal Reserve and the Bush Administration are taking to try and ease it.

And whether you agree or not with the decisions made over the past few weeks, there's one thing for certain -- the news is having an affect on mortgage rates.

Bankrate.com says the benchmark 30-year fixed-rate stands at about 5.96%, according to their latest survey. This is up from just a few weeks ago, but is still below the average from a year ago.

So what's this mean for refinancing your home loan? Or getting a loan for your new home?

Click here for more analysis from Bankrate.com

A reminder if you are selling a home in Chicago ...

Starting April 1st, anybody who sells a home or piece of real estate in the city of Chicago will owe the city more money.

Earlier this month, the Chicago city council approved a measure that requires the seller to pay an additional $3 per $1,000 as part of the real estate transfer tax.

The additional money collected is part of the CTA bailout deal the state legislature passed recently.

To read more on this new measure, click here.

Experts say the time to buy a new home is now!

Here's why:
1. Interest rates are low
2. The selection couldn't be better
3. Prices have dropped

But does that mean that now is the right time for you? If you're anything like me, and committing to an expensive pair of shoes makes you worry, then it's understandable that you might be a bit aprehensive to jump into the housing market.

When buying a new home, don't forget about your property taxes. It's something that can easily be forgotten about in the excitement of buying a new home. But you'll regret that decision later if you do.

So remember, when it comes to looking for a new home, do the research on the amount you'll be paying for property taxes.