Ah - the million dollar question! I get asked this almost everyday, and the answer is............... maybe! The real answer is there is never a "good" or "bad" time that applies to all buyers/sellers and their situations. That question can only be answered for each individual, depending on their current goals & circumstances.
Real Estate is a long-term investment. The boom created a misconception that real estate is a high yield, short term investment. It's not, so don't treat it as such or get "caught-up" in the news. For most people, real estate, either through their homes or additional investment properties, provides an excellent investment. Choose wisely, and you will be happy with your investment for years to come.
In today's market, buyers have more choices & favorable interest rates. That just might make it a good time to invest in real estate!