It's important to see a sustained trend of at least 3 full months of momentum change. Gilbert would need an inventory drop and an increase in buying activity for the current trend to change. At some point banks and builders will find a bottom and pricing will flatten out. Many people debate about the validity of absorption rates ( The amount of homes available divided by the number of homes closed in a month ). When that number is consistently around 6 months of inventory we will start to flatten out. It will take a while for our current inventories to be absorbed, a long while. Right now Gilbert invenory is around 13 months with 2750 homes available and averaging a little over 200 sales a month the past two months. These numbers do not include new home construction and some of the builder "spec" or "inventory" homes.
If you wait until all that happens, many of the great deals will already be gone. Many buyers wanted a buyer's market and now it's here. Do not wait. Many sellers waited and waited to find the peak. For those who waited too long, the opportunity is now gone.