Well that is a good question. Let me address it as easily as I can. If you are looking to move up as a first time home buyer, or an investor, in my opinion, this is the best time to buy. With interest rates lower than they have ever been you will be able to buy more house than ever before.
Another reason is that if you take a 150K house and figure that you will be losing 5% of what you would have got last year that equals $7,500.00. Now if you were to buy a bigger house at 300k at a discount of $15,000.00 you would saving over $7,500.00 to make your move now. Not to mention the fact your payment would be significantly lower due to interest rates.
Just so you know I do not just preach this information. I am currently involved in buying 3 rental properties, and have a partnership with a builder to build a couple of homes. If you have any questions please feel free to visit my website.