This is a great time to be in the market for a house. It is possible that prices might go lower still, but it's unrealistic to expect to call the bottom of the market and time your purchase just right. You can however, take advantage of the depressed market to do an extensive search for a house you like and then use the leverage of a weak market to negotiate hard on price. As a buyer you have the advantage of having time and market conditions on your side. Make sure you have realistic  expectations though. There is now an increasing sense that a house is first a place to live and then an investment, not the other way around. Owning a house is a long-term commitment. In the past, the rule of thumb was that you should consider buying only if you planned on living in an area at least five years. Now you probably shouldn't even think of buying a house unless you plan to stay in it seven to ten years. Take your time, give it the serious thought it deserves and then move forward only if you plan to be in it for the long haul.

Blog inspired by article written by Walter Updegrave featured on CNNMoney.com and can be seen here: http://money.cnn.com/2011/06/07/pf/expert/buying_home.moneymag/index.htm