There was a huge rush in Sept/October 2008 for 1st time home buyers to get the $8,000 2008 tax credit.  I predict it will be the same this time around, which means March and April should see an increase in sales.  This time around however, move-up buyers may get a tax credit as well. 

With rates at super low levels and prices at the bottom, I would recommend trying to buy from Nov-Feb to avoid the rush.  We experienced multiple offers in the Fall of 2008 on premium properties.  The same can happen, but possibly even with greater consistency since this will happen in the fast moving "spring" market.