The correct answer is... it depends on you and your situation. Some of these have already been mentioned below, but lets review; do you need a place to live, how confident are you in your current employment/financial situation, do you have a timeframe to hold for 5 years-ish, and how is your credit? If you can go through these and are pretty confident financially, have good credit and a realistic time frame, now is a good time to make purchase with historically low interest rates.
Now Virginia Beach is outside my service area, so you need to partner with someone who can help you analyze properties that fit your needs versus recent sold home and the rest of the available inventory to determine value. As an investor client always reminds me, "you make money on the purchase, 'cause if you over pay, you can't do nothing to make up for it". Find an agent that really knows the area you are looking in and develop a relationship that should get you into a home in the near future.
In investing, they say that the best time to buy "is when blood is in the streets", meaning when everyone is panicking. Everyone wanted to buy a place back in 2005-2006 at the peak, but now that prices have come down considerably in most places, they want to continue to wait and see for the perfect moment. Accept the fact that you will not buy at the absolute, positively bottom of the market, but close and then enjoy the property you have selected.
Best of luck!