The inventory of homes for sale have sky-rocked and there are a record number of properties that are in foreclosure.  Prices have dropped to levels lower than we’ve seen in years.  Sellers are offering all types of incentives to sell their properties. Real estate is “on sale.”
Many are predicting that prices will continue to drop, leading some experts to suggest that buyers should wait. But keep in mind, there will be no bell that goes off announcing that the market has “hit bottom”.  Once prices start to rise again (and they will), those who have been waiting to buy will jump back into the market, and competition for properties will increase.
If you are looking to purchase a home that you plan to own for a while, I believe that now is an excellent time to buy.  Interest rates are good, there are a lot of properties from which to choose, and sellers are motivated.  If you are concerned that prices will drop another 10%, then make an offer based upon that assumption.  You may be surprised at the result.