With all the talk of excess inventory and a flood of foreclosures, the idea of a looming housing shortage sounds unrealistic, if not downright fanciful.

Even in the strongest economies, New Yorkers of sound mind find that talking with a real estate broker can result in rolled eyes, raised voices and a New York version of “taking it outside” by threatening litigation.

With the housing market quickly becoming the best buyer's market in decades, now is the time to buy.