Effacement but little dialation

Went to my 37 week appointment today. I'm super effaced, really soft, and a finger-tip dilated. He said the baby's head is right there. My OB said that if I don't go into labor before, that I can be induced at 39 weeks if I want! Is effacement a good sign? For you ladies that were effaced, how long did it take to go into labor? I'm a ftm. I'm so excited!