It's a good time to buy if plan on being in the home for at least several years. A bit trickier if you move in a year or two with the uncertainty in the market. What I do know is that there is a tremendous selection from which to choose right now and, as others have noted, very low interest rates. If prices dip a bit further, but rates increase, what have you gained in waiting? South Phoenix is definitely an area where you should be buying for the future, not the present. Along the Baseline corridor specifically, there is a glut of development that needs to sell before values stabilize. With builders offering deep discounts and incentives, you can secure a great value, but values will most likely fall a bit further until the over-supply is thinned. Smarter people than I will tell you, however, that trying to time that perfect buying opportunity is impossible. You only realize when bottom has been reached because more buyers have entered the market and prices are heading north again. Purchase with eyes wide open, but don't miss the boat by trying to time the market.