There are many great home buying deals and great interest rates right now. The question is how long will this last? 
The time to buy is definitely now! I bought my current home in April 2007. Now I'm wishing I would have waited to 09 to sell and buy. I know- I do realize that the home I sold then did yield a hire price then I would have gotten today. Yes I do realize it took less time to sell then, then it would today. I just hate seeing the great resale, short sale, and foreclosure deals rolling around the Hampton Roads MLS in my price range. I could have got almost 1000 more sqft had I waited and as a mother of 3 every sq inch counts. Anyways, I know there is a lot of factors. And pros and cons in both markets.
And lets not talk about interest rates. There dropping so low I want to cry or refi. If you have not checked in with your preferred lender then give them a call to check out what they are offering. Your lender would be glad to help you navigate the numbers, payments, new loans, and loan guidelines. 
If your a buyer I just would like to say "DO NOT MISS OUT ON THE GREAT DEALS THE TIME TO BUY IS NOW"! I'm not sure how long the low rates will last so act now and do not say nobody told you.
If you want more info on the Hampton Roads Real Estate Market then contact
Dee Dee Jones
Wainwright Real Estate
Real Estate Agent
"I can dream alone, build alone and strive alone, but true success always requires the help and support of others. Please send me your referrals."
Visit my website today, The Hampton Roads Real Estate Lady! Deandrea "Dee Dee" Jones
- interest rates sure makes it more appealing for home buyers & owners considering refinancing and should motivate them. In the article Time to Get Off the Fence and Into a Home, the same message comes in an article from NYTimes.com offered by Your Money. Another source with this message was from Smart Money, Time to refinance -- or buy a home? Good information to pass on to our buyers.
Best wishes for 2009!
Trey Affolter
http://www.treysellshouses.com
You are RIGHT! The time to buy or refi is NOW! I have been out of the loop for 4 months and see you changed your pic! Love it!