All the news indicates that homebuyers are at a big advantage right now. Right now I have a lot of debt. But lately I have hammered down a lot of debt and could be debt free and holding a respectable down payment in about 1.5 years. I do have savings, but it is all tied up in a 401K. I have great credit, so I am told that I can get into a house with no money down, but this makes me uncomfortable. My question is this - with the market as it is and with my financial situation as it is, should I start looking for homes now, or should I wait until my debt is wiped out even though the market will most likely rebound by then? I am in Houston by the way.

If you can afford one why not buy one now. A house is a long time investment and in a year and a half who knows what the market will be. Buying now could save you big money in the long run.

I wanna be debt free instantly. It's been bothering me for a few years now. I don't want it to happen again.

Instantly, huh?

And you've been sitting around THINKING about it happening instantly for a few years.

Sheesh! If you'd put these years into making it happen, instead of waiting for a magical answer, you'd probably be most of the way to a solution by now.

Stop wishing and imagining, and start acting. Stop spending more than you earn. Begin to pay off your debt a little at a time. Make a plan and stick to it.

If you don't change your behaviors, no magic will solve your problem. Someone could pay off your debt tomorrow, and you'd be back in debt within a year. You've got to get your behavior in control, and no amount of instant magic will solve your difficulty.