They say agents can always find a reason you should do a deal (I have no idea who "they" are!).
Not everyone should do a deal right now (obviously).
Here are three situations under which it makes sense to complete a real estate transaction now (not including personal issues):
1. If you would be buying "up." - Prices are down by all indicators. If you are buying up, for sake of example, from a $500k home to a $1M home, the discount on your home, your "loss," is $125k. You will get a $250k discount (or more) on the higher priced home. If you are buying "down," this is a poor time to do it.
2. If you are looking to buy/hold/sell land. - There are few loan programs, and tough ones, for land and construction loans; the demand for land to build on is relatively small, compared to the past, because the buyer pool has been made small. But, economists tell us, somewhere in the next 0-5 years there will be a shortage of new homes. New homes require land/lots which will see greater increase in value with greater demand in the future.
3. If you are entering, as opposed to leaving, the market. - Warren Buffet works off the age old principle "buy low, sell high." It is low. If you are leaving the market, cashing out, this is not the optimal time to do it. Essentially, this is a good market for first time buyers.
So, if you fit one of these categories, I hope your broker is calling you ;)
Have a great weekend!