Many people feel as you do in terms of having the ability to time the market but as you know it's only when prices start to rise (in the given location that your searching) that confirms the fact that you've missed it. But a major factor that you need to consider, if you will need to obtain a mortgage as most people today do, is that interest rates play into the situation. We know that they are on the rise and if you look at the payment on the current rate for the loan amount you need vs. even .50 to 1% higher-what does that do to your payment?? The payment is what you live with not the price you pay. That's a very big deal for most people and the higher the price of the home the more impact it has in changing how much home you can buy. I would be glad to break down some specific scenerios for you that may help. Go to my website at: http://www.ExceptionalNewHomes.com
My suggestion is to find a pre-foreclosure or foreclosure and put in a low bid! The money you may save now could surprise you!