Prices of real estate are low. Each property that sells at a reduced value due to a foreclosure or  a bank situation brings the market down for the next home buyer or seller. With prices low and interest rates low, buying a home today makes all the sense in the world. Even an investment property makes more financial sense than in years past because  once the downpayment is invested, monthly payments are covered by rental rates in many cases. The nature of waiting for the bottom to hit is once you absolutely know it's hit bottom, it is on it's way up again. The potential for appreciation in long term investment is very much available  especially as properties are selling 35% lower than the height of the recent real estate bubble. If you know you're going to be staying in a geographical area or you know you want a long term (  held for 3-5 years  or longer investment property) there's a good chance you'll realize wealth in the end. In addition, there is alot of inventory  to choose from .   Conversely, if you don't have to sell now, settle down, enjoy your home and put your relocation plans on hold until your equity gains. One last thought about moving from your primary residence.to another,...when you sell in a down market, you also buy in a down market, allowing you to perhaps upgrade to a bigger home with perhaps desirable views etc. and due to lower interest rates, enjoy  the same monthly payments as you currently pay on a smaller home. This is not to say that bigger is necessarily better, but higher end properties tend to appreciate to a greater degree when the market goes back up.   All good food for thought, remember to stay positive in this economic crisis that the entire world is experiencing because indulging our fears is  not a path towards solvency or happiness. Instead,taking advantage of the opportunites before us, whether they be investment, education or relaxation will do more for the world that you can imagine.