If its an investment and you don't plant to live there, the amount of rent you will be getting is more important than short term fluctuations. You cant time the bottom, no one can. You buy when the rents exceed the mortgage and you sit back and wait 10-20 years. You will eventually realize a very good profit even if the market doesn't shoot back up. Remember the renter pays your interest and your principal. Also consider doing a 15 year mortgage and making 1 extra payment a year to pay if off more quickly. You just cant loose with real estate if you do it PROPERLY.