Let's see... rising interest rates, the sub-prime market has imploded, there are a record number of foreclosures nationwide, and we seem to be on the precipice of an inflationary period.
Plenty, if not too much, inventory for new, used, and yet to exist ( vacant land ) and the tense and tentative nature of the marketplace....
Yes, this is a Buyer's Market.
Historically speaking, we are still enjoying great rates but since we are a nation built on revolving credit (debt) and since we are still diging out from those dreaded ARM's which were so enticing there exists an unspoken tension.
He who hesitates is lost!
The reality ( of realty ) is that these are cleansing effects and they will reset the market value and the true floor in the marketplace.
This will create greater opportunities now for the Buyer and stabilize the market in the long run!