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@princeperch
hold your nerve as a first time buyer. the reason the market is hotting up is because of lax credit and people worrying that the longer they leave it the less they can afford. those are the 2 things that fucked everyone up when the market dived last time. I think the former will go sooner than people think and the latter will then deal with itself.
If you can get something at a fair price then go for it if it suits your needs, but to be paying some of the prices people are paying in what I would respectfully suggest are less than prime bits of the smoke is asking for trouble in a few years imo..