I am asked this question on a daily basis.  As a matter of fact . . . this is the best time to buy.  The prices are low, the interest rates are lower, and the timing is perfect!
Buy low!!!  We are looking at some great prices on homes that I had not seen in a long time.  Don't delay, buy today. 

But what about getting financing?  Isn't it harder to get financing?

Yes and no!  Back in the day when I bought my first home, I had to pay 10% down and I didn't question it, I just paid it.  What happened is that in the last few years, we have gotten used to the 100% easy financing idea.  But whenever you are buying anything, it should cost something.  It's only right that the financing should be attained after the buyer is qualified and has funds to close.  This is the right thing to do.  If I can't afford it, then I shouldn't buy it.

This time is a time for balance checking.  If you can buy, then this is definitely the time to buy.  If you can't, then save some funds, work on your credit and do it quickly before the prices get back up.