It's one of the few bright spots amid the economic gloom - a local real estate market that is brimming with deals and incredibly low financing.

But no one knows just how long it will last. So some people aren't waiting any longer to make the plunge.

The Bhandarkar family of Redmond is ready to buy - uttering those magical words builders and real estate agents haven't heard enough of lately.

"It's time to get into a newer and bigger house," says Aditya Bhandarkar.

The family is looking at a massive home in the new Prescott subdivision costs more than $800,000. It's a hefty price tag - but if you've got the money, it's a buyer's market.

"Yeah, the interest rates are attractive, and I think that house prices are low, so probably this is the right time," Bhandarkar says. "If not now, when would be a right time?"

Coupled with the dropping prices are some jaw-dropping financing offers that are being made by some lenders. Some banks are offering rates as low as 3.875 percent.

"How crazy is that?" says real estate agent Becky Hiller. "I know, it's incredible. Amazing - it's just unheard of."

Agents and brokers say the buying game has changed. It wasn't all that long ago that bidding wars erupted for homes like the ones in the Prescott subdivision.

"Two years ago, people were coming in to buy homes and asking us to make changes. Basically, the answer was no. Often times, if they didn't buy it, someone else would," Hiller says.

But now -- in addition to interesting incentives and great financing, builders will gladly make those changes to homes, and even throw in added amenities. Some are even throwing in a free car.

But these are deals that will not last forever.

"I think there's a very tight window of opportunity here," Hiller says.

Builder Mark Huber says he's already seen signs that the housing market is picking up.

"The last couple weeks we've picked up a couple of sales," he says. "So it seems like people are getting out and buying things nowadays."

One example is a group of eight new townhouses off North 85th Street in Seattle. For the past six months they sat on the market. Not one of them sold - until a few weeks ago.

Now interest is picking up. And since they are priced around $330,000 to attract first-time homeowners, the builder insists buying here could be cheaper than renting.

"I think the bottom has hit," says Huber. "Supply is going to start diminishing, and the good ones are going to go fast. This is definitely the time to buy."

Because who knows when real estate prices will skyrocket once again.