To address your basic question - if you wait until the crisis is "over" then you will most likely be in a stable or ascending market - you will have missed the boat. Go back to basics. There are many good deals out there. Some communities (like Dublin) have a less than 3-month supply of home - officially a seller's market, but no one is treating it like that, and so there are still deals to be had. What it tells you is that Dublin has probably found its bottom. Brentwood too has found the bottom, with a 2-3 month supply. "All Real Estate is Local" is the old phrase, and it is totally true. Some other areas haven't found the bottom yet - so you offer, and if they don't accept, and you move on.
There are benefits that a tax advisor can help you with about making home payments rather than rent payments. You will have found a home you want and negotiated it to the lowest possible price, at which you are willing to buy. and you have a home, rather than a house or rental, something in which you can have pride in, and decorate as you want. There is an emotional component. If finding this place happens this month, or in 4 months, or 6 months, it is a way to diverisify your savings, enable your tax incentives, and help be an anchor for your son. Darin can wait, and either gain more in equity over time, or miss the boat. You need to do what is right for you and your family.
Bottom line - If you are planning on staying in the home for more than 5 years, providing a constant address, friends, and base for your family, do it now and negotiate for the lowest possible price on the home you want. If you are trying to flip the house, wait, and hope you time it well.