I am not sure about the California market as I don't live in that part of the country, however, if you qualify as a first time home buyer, now is the time to buy a property. The tax credit which is free money from the government up to a maximum of $8,000 (10% of the purchase price which should be easy to get from a property in California) will only be available until December 1st, 2009. This means you have to close and fund the transaction before that date in order to receive the tax credit. If you have any other questions, please feel free to contact me at dmcdermitt@beaconfinancial.biz