This post is primarily for buyers. A lot of potential buyers in today's market are enticed by the low prices of properties but are unsure of whether to buy a house because of the turbulent economy.
I absolutely think that if you are considering purchasing a house, NOW is the time. Market prices are at the lowest they have been in recent memory. Another big advantage buyers have is increased bargaining power over sellers. Many sellers will discount properties or accept a lower offer because of slow demand and declining property values.
However, the best way to understand today's market is to start looking at houses in the Triangle area. Below are several links to sites that offer property searches in the Triangle area. Some of the sites will require you to fill out a short form in order to get access to the comprehensive property database they offer, but all of the sites are free and are protective of any personal information submitted.
Triangle VIP Buyers List - http://browsehomesales.com/vip_buyer.asp
Triangle Area Foreclosure Listings - http://browsehomesales.com/gold_distress.asp
HUD Properties in NC - http://hud3.towerauction.net/NC.htm
Zillow Property Search - http://www.zillow.com/