Not all, but most buyers should be taking advantage of the housing situation – not sitting on the sidelines and waiting for prices to fall even more. Doing nothing is not necessarily a wise decision. If you’ve got good credit, and plan to hold your new home for a few years, go for it. If your dream house is in your sights, snap it up.

While we may not have seen the market bottom out just yet, that’s not significant for people who plan on staying in a home for a few years. There is a chance that the economy will put downward pressure on prices, but if you’re going to be holding that property for more than five years, the market will recover, and your house will appreciate.

You’ve also got selection on your side. Home builders are offering steep discounts and posh upgrades on brand-new digs. Fixer-uppers and foreclosed properties are selling for a song. Eager sellers are offering incentives from tossing in the riding mower to offering a tropical vacations, if it will help move their property.

Unlike the hot market of a few years ago, where buyers had to put in offers – often above the selling price – just days after a house appeared on the market, buyers today are in the driver’s seat. You can take your time finding a house, visit it a few times and do necessary research before putting in an offer. And you’ll likely be able to haggle with the seller to drop the price, do repairs or pay for closing costs.

Finally, interest rates remain at low levels, lock in a low rate today and you’ll reap the benefits for years to come. If it’s right, go for it.