Hi Sam ~ there was a great article in the Feb 25, 2008. edition of Times that talked about whether to buy now or later. The example they gave was that if you were to buy home today for $218,900, with 20% down, on a 30 year fix rate mortage. Your interest rate would be 5.5% today and your monthly payment would come out to be $994.31. If you wait 12 months down the line, the price of the same home would probably have dropped down to $197,010, with the threat of Recession and raising interest rates, your rate maybe 6%, making your monthly payment to be $994.94. In the meantime, you are earning equity in your home and in the long run, come out ahead.
So, in short, if you can afford to do it. I would definately look into it.