Because it's all on Sale!

As a buyer I think I would like to wait until the market hits the bottom..when???

They only way to know you've hit the bottom is when the prices go back up.

Do First time Homebuyer still get the 7500.00 Tax credit?

Yes, if you purchase prior to filing your 2008 taxes.

I would only like to look at Short Sales and Bank owned properties.

Why? If the home is in your price range, wouldn't make more sense to purchase the home that meets your needs or "Wish List". Do you really care who owns it? Wa Mu or Fred Smith.

Best Move Up Market?

Well, Basically if you ever wanted the Million dollar house on the Hill it's now on sale for 800,000 and that nice Waterfront home for 800,000 it is now 650,000. Not only are you saving on the price, the interest rates are low and the lower price will save you on your property taxes. So even if you sold your 500,000 dollar home for 425 - 450,000 you gained equity on the Move Up.