Supply vs. Demand
Interestingly, only two to three years ago when the supply of homes was limited and prices were high, purchasers could not move fast enough. Home prices were bid up and timing was the name of the game. We strategized with our buyers to get them the home they wanted. They paid over asking price and were happy to admit that they were the successful bidders.
Now that home prices have dropped and the inventory has increased, buyers are reluctant to purchase. They are afraid of paying too much, concerned that the "bottom" hasn't happened and seem to be waiting for the "right time to buy."
If you can afford it, have the desire to own a home, and can qualify for a mortgage, now is the time to buy. Interest rate have never been more attractive, so take the plunge and purchase.