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Is the housing market a buyer or seller's market right now?

Will it be changing soon? I heard that China is selling their US currency so the value of the US dollar will go down. Somehow that's supposed to make the housing market fall. But it that really good for buyers or for sellers? I currently rent and my husband and I would qualify for first time home buyers. We are not sure if we should jump on a house now or wait until next spring.

Public Comments

1. Buy now. Housing costs have dropped, interest rates are fairly steady. Just get a Realtor to assist you in the process so that you are not taken advantage of by a hungry Seller who knows more than you do.
2. Real estate is local despite national trends. Here in the east bay area of the San Francisco metro area we have a mixed market. I just wrote an offer on a Berkeley property and found that we were in competition with 5 other buyers. On the other hand, I can;t get anyone to even look at my east Oakland listing. I can't emphasize enough that it's best to have a good local Realtor on your team to advise you.
3. There is so much inventory out there and the sellers are anxious to sell so it is a Buyer's market. I would buy now and not wait for the spring. Believe it or not in Indiana the prices are starting to go up. I don't know why other than sellers think that this is a good time to upgrade so they can ask more. Totally wrong at the moment because they will never be able to get back what they put in with this market. Before looking at property , get pre-approved for a loan. This will make things easier for you. Also you can work with an agent or on your own. Just be careful when it comes to the purchase contract and the contingencies as those are loopholes.
4. Very much a buyers market in most locations in the country
5. It really depends on your local market. In some areas there are zip codes side-by-side where one is declining and one is increasing. It's really best if you find a professional in your area who can help you explore the market where you live. Ask your friends and family if they can recomend someone they have used in the past. The mortgage and real estate market are so strange right now, you really have to look at your own personal situation and make an educated decision. Do some research yourself on your area, but finding a good professional is the best route.
6. Wait till next spring. You will get a better deal. The sub-prime mortgage mess is in the 3rd inning. We still have 6 more innings to go.