I couldn't possibly say this any better, and I've been saying it in the past in several different ways, so I'm going to give you Pat Zaby's article on the topic:
Cost of Waiting to Buy by Pat Zaby
The financial news is full of stories warning about the inability to predict the bottom of the stock market. A 40% decrease in stock prices in one year have uncovered some great values available for investors and buying them at their absolute lowest price will not make much difference for the people who hold them for a while.
Home prices are very much the same. There has been a correction in the market and prices are down in most parts of the country. Combine these with the attractive rates currently available and it is a bargain that everyone will look back on saying that "this was the best time to buy."
Let's make an assumption that the prices may still decline 5% more before they start appreciating again. If while a buyer was waiting for the price on a $250,000 to go down 5% to $237,500, and the interest rate goes up one percent from 5.25% to 6.25%, which is entirely possible, the buyer's monthly payments will increase almost $79 per month. 
For most buyers, the monthly payment to control the cost of the home is much more important than the price paid or even the equity in the home.
Contract me for a scenario that fits your payment schedule.
Julia Huntsman
Broker Associate, 562-896-2609, www.juliahuntsman.com
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