I think everyone in the nation is holding their breath and waiting to see what our elected officials are going to do about the current economic crisis.  I will not pretend to know what the best solution is.  If I knew this much about economics, Warren Buffett would be asking me for advice!

However, there are a few things I do know.  I know we must get through this and make the best of whatever solution is applied.  I know some of us will sink and some of us will become strong swimmers.  I know some will hold back and wait to see what everyone else is going to do.  Then there are the ones that realize oportunity can come in many forms. 

It is not only persons interested in buying real estate that are unsure of what to do, it is also people trying to sell their property.  Sellers are listening to offers that even a month ago would not have made it to the table.  Suddenly, there are even fewer buyers and who knows when the next one will come around!  Better to deal with a low offer now than risk no offer later, seems to be the mentality. 

I don't know that I would encourage a buyer that must use retirement funds (or other assets that might lose value as a result of the market upheaval) as part of their loan qualification process to jump into this market.  However, this market can be very good for investors, particularly if you have the time and patience for short sales and foreclosures. 

If buying real estate boils down to a dollars and cents proposition for you, work with a professional realtor with experience in short sales, foreclosures, and has knowledge about the rentability and market history of properties. 

Most good investors live by the rule of "buy when others are selling and sell when others are buying".  If you are ready to give it a try, the market is ready for you!