This may be the best time to buy a home in the past 7 years as interest rates have hit their lowest mark in known history. Just a few months ago interest rates for a 5 yr mortgage was in the 5.75% range but today sits at 4.39%. This is a remarkable drop in interest rates and the cost of carrying a home.
Many first time buyers are at no risk by buying right now because many of them are paying $1,200 - $1,300 per month in rent. Funny enough this is the same amount it would cost to buy a $250,000 home including mortgage and taxes.