I've been a Realtor® for only 4 years so I would consider myself a relative newbie but for the life of me I don't understand why the market isn't flooded with buyers. House prices are reasonable (in my area anyway), interest rates are incredibly low, and there is ample inventory (in my area).
Is it because lenders are being stingier with loans? Appraisals coming in too low? Everyone left have bad credit? Something else?
Choosing to buy a house NOW seems like the smart move to me. You can live the American Dream, pay less than you would for rent, and build equity in your own home.