If you're a first time homebuyer and you've been waiting for "just the right time" to jump in and buy that home you've been dreaming of,now is the time 

Preseident Obama's stimulus plan has been adopted into law and there are wonderful incentives for the first-time homebuyer. Specific to note is the $8000 tax credit for first time homebuyers. For an informative explanation of the new law, see this article by the illustrious Luke Mullins in his "The Home Front" column at US News and World Report: http://www.usnews.com/blogs/the-home-front/2009/02/17/first-time-home-buyer-tax-credit-6-things-to-know.html

Prices are low and affordable. In general, prices of homes have retracted to pre-2000 levels---as much as 40-50% in the Livingston/Washtenaw/Oakland county areas including my service area which includes, Brighton, Howell, Pinckney, South Lyon, Whitmore Lake, Ann Arbor, Hartland, Highland, Milford, Dexter, Chelsea, New Hudson and more. Housing is more affordable than ever. Check out this NY-Times Blog article about the affordability index published monthly by the National Association of Realtors: http://economix.blogs.nytimes.com/2009/01/30/housing-affordability-at-record-high/

The United States Federal Government is going into unprecedented amounts of debt and inflation is highly likely to kick in within the next few years. Real Estate has consistently risen in value over time, especially in an inflationary economy. Here are some facts from the US CENSUS: http://www.census.gov/hhes/www/housing/census/historic/values.html

Distressed property sales now represent over 50% of closed transactions in this current market. Bank-owned REO's, short sales, and Government owned HUD/VA foreclosures are still flooding the market. The current stimulus plan by the Obama administration does have a mortgage relief plan and when that initiative helps stem the tide of foreclosure activity, price stabilization on housing will occur. An upward trend will eventually begin again for home values. Get into the market now and you will not be disappointed.