DON'T WAIT TOO LONG; THE BOTTOM WILL HIT 3 MONTHS BEFORE YOU KNOW IT...  So what does all this mean?  Well, for one thing it does take 60 days to accumulate most data and another 30 to spread it around to the media and the public.  This does make it difficult to ascertain the exact bottom of the market.  So what a consumer really needs to do is prioritize your motivation.  Meaning?  Houses are not stocks, even though we may have confused that for a time.  Houses are where you live, raise your family, and get shelter and all that good stuff.  Everyone needs to have one.  Therefore just make sure it's the right time for you.  The market for sure has corrected in a big way.  Expect much smaller adjustments from here out. 

                MORE IMPORTANTLY, understand that there are some very good reasons to get into the market now, if you have been waiting.  Here they are: 1) Selection.  You saw it said above, inventory is shrinking.  2) Increased competition.  Right now, you have a good shot at getting the home you want, even though the average number of offers on bank owned properties is 10 to 20, yes you read correctly, 10 to 20.  Most agents who work with bank owned properties will tell you that most of those offers are coming from people who plan to occupy the property, in other words, not investors.  That will not last forever.  Investors do try to time the market and I would plan on them coming back sometime in 2009.  3) Interest rates.  Have you been reading the papers, listening to the news?  Do I really need to harp on that fact that interest rates are still in the 6 to 6 ½ range and that this may not be the case for 2009? Also, there is that amazing FHA package with a $7500 tax credit.   4) Home Ownership.  Can you say tax savings?  Talk to you CPA about the advantages.  It's just way cooler to own than rent