That is the question of the year. It is really hard to predict that, well actually impossible. One can only study past events and make an educated guess. I will tell you that based on all the incentives right now, and on the low interest rates - now is a great time to buy. Suppose that home prices bottom out at 5% below what they are now but the interest rates change and they go to 5.5% or 6%. Depending on your purchase price - you might end up paying more over the long run for that same house - even if you got it 5% cheaper. So think about the overall cost of the house instead of the purchase price and that will give you a better idea of where you stand. Hope this helps!
I think that no one knows the answer to that, and if there is a little further drop it is safe to assume that anyone who buys now wil have bought in the bottom 5-10% of the market which is very good.
There was a new report issued today that may interest you regarding the prices in Miami, and how the proices are at an all time low and the sales have increased by 72% since this time last year. It is nice to have a good inventory to choose from and we still have that here.
If I can assist you in a search, feel free to contact me, and see my companies web-site for some great information and to search for properties.
All the best,
South Florida Brokers