I attended the book tour for Gary Keller's book SHIFT on November 7, 2008 in Charlotte, NC.  WHY WAIT? ---- THE HAZARDS OF TIMING THE MARKET, page 189 has a great example...If a buyer "waits until prices come down more" they are also gambling that interest rates will not go up.

                                              Purchase Price         Interest Rate                   Payment
Buy Now                                               $200,000                         6.0%                                      $1,199
Price decrease/Rate increase       $190,000                         6.5%                                      $1,201
Price decrease/Rate increase       $180,000                         7.0%                                      $1,198

Even a slight increase in mortgage interest rates can offset a significant drop in home prices. There is little to gain and much to lose if home prices rebound or rates jump.

Timing the market almost never works. Your clients have to be in the market to take advantage of the market.

This is a great book and worth reading!

Front Cover: IT'S NOT ABOUT THE MARKET....It's about what you do!
SHIFT
How Top Real Estate Agents Tackle Tough Times
GARY KELLER, with Dave Jenks and Jay Papasan