Real Estate is tremendously complicated.
Let me give you just one set of facts to help you get off the fence:
Let's hypothesize that you wait one year to buy, and in that year, the house you want DROPs another 10%!
That's a lot, right? But in that year, your interest rate goes from 4 3/4% to 6 1/4%, just 1 1/2%
Your monthly payment on a $450,000 house would go UP $144 per month!
So, by waiting, you are betting the cost of the house will go down and that interest rates will not go up!
ps. check out my Blog "To buy or Sell" for historical Home Prices and Interest rates.