This is absolutely one of the best times to buy real estate in last 20 years or so.  Prices are down, interest rates are still incredibly low and it's a market of opportunity.  Sure, if you are a seller you might not think so, but it really boils down to your short and long term objectives.

If you are a first time homeowner and have excellent credit,  don't wait.  We won't know when the market hits bottom until we start going up again.  Interest rates are hovering between 6% and 6.5%.  My office has noticed a flurry of activity in the last couple weeks and not so much new inventory coming on the market.  Buyers are committing to buying and the inventory is shrinking. 

Also, if you are in the market to buy a bigger house, get looking.  What you give up percentage wise in the selling price of your current home, you'll likely save in buying the bigger home.  Net - Net - your ahead. Especially if you plan to stay 5 or more years.

Finally (and I'm in this category) consider buying real estate for investment.  I've bought and sold two houses myself and I'm finally in the position to leverage myself and buy an investment property.  We are looking at a single family home that needs some work in an up and coming area.  We have built in tenants, as my daughter is in need of a place to rent near her work and because of her Chocolate Lab puppy, is struggling to find affordable apartment space that will allow the dog.  So we're going to buy and rent back to her.  We're financing only what is equivalent to what she can afford to pay and we expect to build equity through long term ownership.

We considered buying in the past for investment, especially in the college towns our daughters went to school in.  We couldn't do it then, but when it's time for my son, we'll seriously consider it.  Essentially, we believe we can get free housing for him, through renting other rooms in the house as well.

There are a couple of good books out there that I recommend reading (or listening to) that have helped me in my decision making.  "The Millionaire Real Estate Investor" by Gary Keller and "Flip - How to Find, Fix, and Sell Houses For Profit",by Rick Villani & Clay Davis.

I hope this helps you decide whether to buy, sell or invest in this market.  You are welcomed to go to my website SuzanneStevens.comto search for properties in Dutchess, Putnam and Westchester Counties anytime.

Remember:  Buy Low - Sell High and Location Counts!