By In the single family home market, prices are down significantly. Interest rates are also at close to all-time lows. So, yes, all indicators are pointing to a great buyers market.
The apartment market is different altogether. First time buyer financing is harder to get and also due to many foreclosures making homeowners into tenants, there are far more renters in the marketplace than normally would be. Therefore, rental rates are up and vacancies are down. Most apartment owners are happy and not very motivated to sell. Read: no good deals here.
The one opportunity I see is in the duplex – fourplex market. Here there has been financial trouble because of the loose financing that occurred. Compare this to the financing of apartment buildings above 4 units, which has always been very conservative. There are short sales and bank owned foreclosures to be had in the duplex – fourplex market.
With rents healthy… yes, this is indeed a good time to buy a home.
