They may, they may not. I can provide you several reasons why they would fall as easy as I can provide you several reasons as why they will stay the same, and maybe even a few reasons as why they will start going up. What you really need to do is analyze your situation. Are you buying to live in or are you buying for investment purpose? Are you going to buy and hold, or try to flip the property? If you buy right now, your chances are very high that whatever you buy will be worth a lot more 7 years from now. So, how long do you plan on holding the property? If you wait 6 months to buy, then you might lose the property you really wanted for a gamble of a few thousand dollars. Offer a seller what you think the property is worth, and then negociate with them to see if you can agree on a price that works for both of you. The most important thing is to buy a property that you can truly afford.....and be wary of people that say 'yes! prices will fall' or 'no! prices will not fall'. Do your own research and make your own conclusions. If you buy something you like and prices fall a bit more, at least you are happy with what you have, and prices will eventually turn around. if you end up buying something that you aren't too happy with just so you can say that you got a killer deal, then there is no one else to blame but yourself everytime you walk into your unhappy 'home'.