You would have to have been living in a cave or be named Rumpel Stilskin to not be following the housing crisis that is happening in America now. It is having an effect on on segments of the economy and based on what I've heard, read, and observed we will be experiencing this "buyers market" for some time to come. If you are attempting to sell a home right now, you have first hand experience. If you are buying or thinking of buying a home in the coming months, you also have experience with the better prices and rates that are available in the market today.
So, when is the best time to buy a home? I don't believe there is one answer to that question. It is as individual as each buyers' needs, wants, and budget. I do believe this; if you are trying to "time the market" based on when you think the prices will hit bottom, it won't work! The housing market is cyclical just like any other market. Prices go down; prices go up. The housing market will rebound at some point in the future. Unless you are an investor or don't plan to occupy the home very long, buy when it's right for you!
The message for sellers is this; PRICE RULES. Homes are still selling, but if you are considering selling to move up, down, or out of the area, know this, if you aren't flexible in your pricing don't bother trying to sell in this market. Sellers have to take ownership of pricing their home. That means you have to try to put yourself in the mindset of the buyer who will be looking at your home. Some sellers just can't do that (or won't) and that results in the home sitting on the market for an extended time resulting in frustration for both the agent and the seller.
Thanks for reading and comments are welcome.