more advice on buying my very own home: It's very, very normal to feel anxious or intimidated about making the commitment to buy your first home. In my experience, it's actually better to have those feelings now, so that you can educate yourself about the process and move forward confidently. They always arise at some point during the process and it's good that they're coming up before you make a commitment to anything one way or another. Pre-buying jitters are always preferable to post-buying remorse. :)
It doesn't sound like you'll have a problem at all with getting good financing, which is always the first major hurdle for first time buyers. As far as waiting vesus buying sooner, it really just depends on what you want. Interest rates are great right now (they'll only get better if you have some money to put down on a property - although 100% financing is still pretty easy to get if you have good credit and an established job) -there's really no telling for certain if they'll drop significantly again within the next year. They have been holding pretty steady (a little up, a little down) for the last year or so. If you do end up buying sooner rather than later, you also always have the option of refinancing after a drop to get an improved rate.
It's much more of a buyer's market right now than it has been within the last two years. Fair Market Value (the selling price of a home) is basically determined by what a given buyer will pay and what a given seller will accept. Things are tending to stay on the market for a bit longer now, which gives the buyers more power during the negotiation process. However, the median value of homes went up 14% during the last year, so if you do decide to wait, there's always a chance that you'll end up paying a bit more.
I have to disagree with the comment on your blog about getting financing through a bank. Typically, banks can get better deals on refinancing or HELOCS (home equity lines of credit), but when you're getting your first mortgage loan, a mortgage broker has access to a lot of different loan programs through a number of different lenders, whereas a bank is typically the lender when you go through them, so they can't pull as many strings to get you a better interest rate. Just my two cents.
Sorry if I'm overloading you! As you can probably tell, I kind of love this stuff. Let me know if you have any more questions. I'd be happy to meet up with you and discuss as well (even if the meeting is purely informational for you - I'm very low key). Or II can answer questions on email, if you can put up with my long-windedness! :)