Market conditions are excellent for buyers at this point. Homes are selling steadily but the sales prices are in favor of the buyer. In other words buyers have been able to negotiate price down a lot more than in the past fews years. The government is making it point to help first time buyers by offering a $8000 tax credit. Never mind the fact that interest rates are lower than they have been in years!
Everyone needs a place to live. If you are purchasing a home that you are planning on living in for a while, the short term market historically won't affect you. Real estate cycles are just that, cycles. Take advantage of the lower prices while they're still around. Please remember the most media coverage is nationalized and that real estate markets are localized. So your local market may be bucking the trend.
Thanks,
Michael
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