Which scenario would upset you the most? If you bought a house this summer and the market deteriorated another 10% before things turned around or if you held off until next summer and pricing went up 10%??
No one knows what the short term future will hold in terms of real estate - from home prices to taxes to mortgage rates and qualifying guidelines. What we do know is that homes are now available for a fraction of what they would have cost a few years back, and mortgage rates are very low now for qualified borrowers.
I would recommend speaking with a local, reputable, bricks and mortgage lender to get a feel for where you are at financially (mortgage-wise). See what you qualify for now, and if your credit or debt situation needs some work then set up a game plan so that whenever you do decide to take the plunge you are able to take advantage of the best terms available.
Feel free to contact me if I can be of any assistance
Home Loan Consultant