So in a sellers market you sell your home fast and you get top dollar. So what, unless you're going to live in your car from now on you'll need to buy another house. In a sellers market you will pay top dollar and have a poor selection.
In a buyers market you will have to sell low or not at all. However you can then go off into a buyers market with a ton of inventory and get a steal of a deal.
The best of all scenarios is reserved for the first time buyers. They are the ones who can buy low without having to sell low. This combined with the first time buyers tax credit, income tax deductions and record low interest rates makes owning cheaper than renting.
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