It is very difficult to predict if prices will move down by a significant amount, adjust lower slightly or stabilize. Things to consider when deciding on whethter to purchase or continue to rent should include how long you plan on staying in the unit, a cost to rent vs ownership analysis, job stability, your own risk tolerance and an analysis of how much it would cost you to own the same unit if prices dropped and interest rates change. The longer you plan on living in the unit the safer your investment will be. It appears that there will continue to be uncertainty in the market for some time. You are fortunate to have family watching out for you. Keep gathering information, look for a good opportunity and most of all pay attention to interest rates. If prices drop slightly but rates increase a percent or two, it may cost you more to own later, even if prices do come down. Best of luck with your home search.
I work for a real estate team in Watertown and while the market could fall some more, statistics show prices are stabilizing right now. But there's always a deal out there. Good luck with your search.
Now is a great time to buy. Rates are low and sellers are negotiating. If you love a place there is no time like the present. We don't expect the market to crash, it's anticipated to remain steady. You also need to calculate out the money you will spend for renting - why pay someone else's mortgage?