The question is common. The short answer is.... Both.
If you are considering your options when it comes to real estate it is paramount to understand your ultimate goals.
Primary home buyers can get into a home with low down payment, low interest rates and low asking prices thus providing an opportunity for those who were once priced out of the market to obtain their goals of ownership. To them, the market is great. The challenge is the patience needed while processing the sale.
If you are looking to make money off real estate as an investment, define what type of investor you want to be. Flipping a home can be a challenge due to lower profit margins and higher risks. For investors who understand the value of a long term hold, this market is great. With prices low and rental homes in demand, it is possible to purchase and receive an 8-15% return on your investment.
Commercial owners are finding this market to be challenging since they no longer are able to meet their projection set from a few years ago with so much vacant inventory they must maintain the competitive edge to survive. Conversely, this puts the tenants who's leases are about to expire in a great position to renegotiate their current lease or find new space with landlords offering generous incentives to fill their spaces. The tenant lowers their overhead, thus increasing their profit margin. A rising profit margin is... well great!
While the game changes all the time, rest assured every market is both great and challenging. The better question is... What are the opportunities for you to move now?