I have been involved in selling real estate since 2003, which to some is a decent amount of time, but to others is a short time. However, during this time period, I have had many friends and co-workers ask if they should buy a home now, since the home market has been on the down slope.
Although the bottom has basically fallen out from underneath the housing market, the current era has never been a better time to buy a home. It may even be a great time for new investors who have been wanting to enter into the market to buy now.
Although very unfortunate for home owners who fell prey to forclosure, the current massive amounts of forclosures has caused a huge decline in home values. These declining values have retuned the housing market to home values that we had back in the 80's.
Along with lower home prices, goes the current lower interest rates that we have been seeing. Lower interest rates can help determine your mortgage payment. The lower the interest rate, the lower the payment.
So given the low, low prices of homes, coupled with the low interest rates available, (of course the interest rate depends on your credit, various other factors, etc. consult with your bank, lender, etc) makes the current home market a buyers delight, and a "win win" situation.
So I tell all of them, "if you have the money, credit, or both, yes buy, buy and buy."