Did you just wake up from a coma that was induced in 2003? You sound like my mortgage broker who (in 2003) recommended I go with a 5-1 ARM because "property values have been going up for 12 years straight and we're seeing 20-30% increases year over year, and don't worry, you'll just refi in a few years and get a nice low 30 year fixed".
We all know how THAT went.
I do agree however that prices are lower than they were a few years back, but that does not equate to a buyers market (yet).