It is such a buyers market right now, yet buyers are still saying that they think the market
still is going to drop and they're going to wait.  Well while they're waiting interest rates
are going up.

Here is a great, logical outline by Gary Keller as to why buyers should wait no more. 
Today's bargains will, clearly, be yesterday's missed opportunities!

It’s time to get potential home-owners to go ahead and buy in this so-called “buyer's market”

While it is conceivable that home prices may drop further, it is likely that these decreased
prices will be accompanied by increased financing costs due to rate cuts by the Fed.
This means that any money saved on paying less for a house in a few months time will
be offset by having to pay off a mortgage at a higher interest rate making “playing the
waiting game” a waste of time (and very little fun).

This rate increase isn’t just speculation. Just a couple of weeks ago, in early February,
the fixed mortgage rate jumped a full half-percent, making it the fastest rate increase in 20 years.

The table below demonstrates how even as home prices may drop, monthly mortgage
payments basically stay the same; due to increased interest rates:

Scenario 1:
Prices decrease by 5% and interest rates increase by 0.5%

Scenario 2:
Prices decrease by 10% and interest rates increase by 1.0%

Why should buyers spend months in a situation that they want out of when they
can begin their new lives in their new home today, with less interest?

Today                    Scenario 1                    Scenario 2
Home Price         Home Price: -5%        Home Price: -10%
$218,900               $207,955               197,091

Interest Rates    Interest Rates            Interest Rates
   6.04%                +0.5%                      +1.0%                  
                            6.54%                     7.04%

Monthly               Monthly                  Monthly
Payment              Payment                 Payment
$1054                 $1056                     $1053


Why should buyers spend months in a situation that they want out of
when they can begin their new lives in their new home today, with less interest?