Regardless of what anyone tells you, the future is uncertain. Predictions can be right or wrong, and there are no guarantees.
Look at 2.7 million foreclosures in the works today.
Look at 7 million foreclosures to come from 2010 to 2012.
Look at the economic problems in the country. Look at the economy in your area.
Do you see it as improving a lot OR do you see it as abd and staying bad or even getting worse?
NEW YORK is having financial problems. 1 million people left because of the high taxes. property and personal.
You will lose the specific house you want now if you wait until later. It will be bought. Yet, you are very likely to find more houses comparable for sale in the future cheaper.
Unemployment is 10.2% about 16 million out of work americans. we increased that number about 1/2 million today. Unemployed people do not buy houses or get mortgages often.
I think waiting now makes sense.
When prices stabilize and start to trend up, it will only be "seen" by looking at the historical data, ie the great purchase opportunities of today will have passed by a buyer waiting for prices to fall and wondering how low can they go. No one can predict that with accuracy, not until it has passed and looking back can say "Oh look, prices are going up. That was a great opportunity to purchase and I missed it. Better jump in now and buy." Of course, by then the best deals are gone.
If you are buying a home for yourself, today is a great opportunity with more selection and the best interest rates; if you are buying for investment, there are some great values with the best "deals" being in short sales and/or foreclosures....but you'll need some cash to make a deal work. Talk with your trusted real estate advisor for current information about your local market and then make your decision on those facts rather than trying to guess about the future market or falling prices.