I think I answered on of your questions already but here goes. First of all, your Uncle Joe or Steve or Cousin Mary aren't real estate experts - although they may have plenty of advice on how to spend your money, no one really knows what the real estate market will do. First question: are you currently paying rent? If so, multiply that by 12 to 24 months and see how much money you're losing right there. Even if prices do go down, how much could you really save by waiting? More importantly, if you are a cash buyer, that gives you even more buying power. If you have a good buyer's agent that can find you an extremely motivated seller, you could also save a bundle. Finally, if you plan on staying in your next potential purchase for at least 5-7 years, it's a great time to buy.
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
In The Top 2% of Century 21 Agents Nationwide!