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Mass psychology influenced home-buying patterns.  Since 2006 buyers have decided that it is not a good time to buy due to falling prices or rising interest rates.  This notion tends to be a self fufilling prophesy.  Sales drop and buyers tend to hold back.   When sales heat up, buyers perceive this as a good sign, they feel they must buy immediately before home prices rise and they are priced out of the market.  It would seem that the best time to buy would be when there isn't competitition from other buyers--in a slow market.  HOWEVER,  most buyers are more comfortable buying when their friends are buying.  The comfort of the crowd validates their decision.  There are good candidates for buying in a slow market and those are the people who are putting down roots for a while and will buy a home that will suit THEIR long term needs.  Don't be afraid.  Interest rates are currently at an historic low.  Homes are priced low.  This is a GREAT time to buy.