We have certainly seen some drastic changes to the real estate market over the past few years. Many people agree that the ecomomy is just starting to make improvments. Some buyers are skeptical about making a home purchase right now in fears that things will not get better but rather decline. Although nobody has a crystal ball, there are some things to consider if you are thinking about buying a home sooner than later. First thing is the fact that interests rates are still VERY low and favorable. Waiting a year or two to get a loan could mean a huge difference in the overall cost of buying a house. Even if the prices dip a little bit lower, paying a higher interst rate over a 30 yr loan may wind up costing you more in the end. Secondly, continuing to rent a place still costs money that you will never see again. There are tax benifits to homeownership that you don't reap when renting(consult with a CPA for all the details). Lastly, there are many homes on the market right now giving a buyer a large selection to choose from.
Buying can now ensures a low rate, immediate tax benifits, and wide varity of choices.