We have gone from a white-hot real estate market to one that is balanced.  It's a great time to buy - there are fewer bidding wars, and you don't have to offer sellers your first-born to have your offer accepted.  And, it's a good time to sell, because while the market has slowed, prices in most neighborhoods have not substantially fallen.

Prices, have softened, and there are some wonderful opportunitites for buyers.  Not only are bidding wars extremely rare, but the sellers will usually be really glad to see someone interested in their property, and there is a lot of negotiating going on.