Fact or fiction: "Is this the absolute best time to buy a house in recent history?"

That is the question that current prospective homebuyers are grappling with. Interest rates are at near historic lows, housing prices are at the lowest levels in decades and the $8,000 Federal Tax Credit has been extended and expanded to include existing homeowners. These three conditions have not existed at the same time in the housing industry perhaps EVER?!

Some in the media and so-called "experts" would suggest that we have not yet reached the bottom of the downturn in the housing market. "They" suggest that housing prices and interest rates will go lower! Can you afford to take that chance? The truth of the matter is that if you can buy a house that you absolutely love for 60% of the value, with an interest rate of 4.875% fixed for 30 years and the government will give you $8,000 to do it, would it make sense? I will mention this, within the last month or so I have had four buyers out bid by investors. Investors "get it!"

When was the last time that the housing market NEVER rebounded from a dip in the value of home prices? Will interest rates go lower or stay low for an extended period of time? Will the tax credit expire on April 30, 2010 or will the government extend the deadline again? Are you a gambler? Are you feelin' lucky? What are your thoughts...

Is this the absolute best time to buy a house in recent history?