Many Realtors advertise "it is the best time to buy". I would tell a story to clarify what this means.

When a store closes its door, people understand the owner will just sell everything at even lower than clearance price. So in consumers mind:

Going out of business=incredible low price + once in a life time deals.

But to make this equation really work, we need to make two assumptions:

1. The store should be really in out-of-business condition.
2. The store really wants to sell everything it owns.

Unfortunately, many people would just use the equation and forget the two assumptions. And unfortunately some people would take advantage of this. See my post: want to take advantage of circuit City liquidation? Be careful. In reality, it has been reported that many store owners would bring outside stock and sell over-priced stuff.

Now the current housing market, especially the housing market, it is exactly the same thing. The "it is the best time to buy" statement makes it as if you can go out in the market and grab a house hoping it will be a deal.

Wrong.

I have to admit it is a good time to buy but buyers have to use their thinking to do their homework (due diligence). The good deals are to be found with effort, not to be grabbed randomly.

If you cannot do your own homework, find a local smart, loyal, knowledgeable and experienced Realtor probably is your best option.