1.  Prices are on the rise.

The latest nationwide statistics have shown that home prices have increased 5.5% over the last year, according to the Case-Shiller Home Price index.

2.  The historically low mortgage interest rates are starting to increase.

It is only natural in our economy that interest rates will not stay low forever.  Rates have already started to  increase over the last two months.

3.  Rents are continuing to skyrocket.

If you've tried to rent anything lately, you will know that renting a house or apt can be very competitive and it is a landlord's market.  That's because all the people who don't qualify for a mortgage in this market are renting instead of buying.

4.  New mortgage regulations are coming.

Six govt regulating commissions are drafting the new Qualified Regulation Mortgage (QRM) rules stipulating new minimum down payment and minimum credit score for buyers seeking a mortgage.

5.  The time it takes to buy a house is shorter now.

With fewer transactions (home sales) at this time of year, the time it takes from contract to closing is shorter than it will be when the spring market kicks in and lenders are, once again, overwhelmed with mortgage applications.