Actually, if you are staying in the market and want to move to a different house (either up size or down size), it's a good time to make a move. Yes, the price for your house is down, and it is harder to sell than when it was booming. On the other hand, when you go to buy another house, you have a lot more selection and the prices are also down for buying. Also, you don't need to rush in to make an offer for fear of missing out. If you are building a new house, the time frame to get one built has shortened up considerably and the builders might be more inclined to throw in extras that you may not have received in boom times. Because builders aren't going 110 mph trying to get things done, the quality of construction is also bound to go up - they will have more time to do things right (I know - it depends on the builder and some will do a crappy job no matter what the state of the economy is).
So, if you are just moving to a different house within the same market, it's probably better to do so now than when it was booming.
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