Remember the play, "Waiting For Godot"? From the theater of the absurd comes this disturbing play about two people waiting at a road crossing for a mythical person called Godot. They ponder what Godot is like, what he'll say when he gets there, they fear his presence but stay and wait anyway. It's irrational behavior at its best (or worst)
If you were to write the play today it would be called, "Waiting For the Bottom of the Real Estate Market" and would closely resemble its near namesake. The dialog would focus on whether the bottom had been reached or not and if not, the terrible consequences of buying when housing values could drop even further. Then the discussion would change course and the characters would discuss the irreparable damage they could cause themselves if they waited until the market corrected itself and they bought after prices actually went up a bit. Oh the thought! The bottom of the market won't be reached at a moment in time or even in one specific place. It will be reached at different times in different places and you won't know it's been reached until (you got it) PRICES START UP!
A better strategy would be to adopt the philosophy that you would begin to make your own market! What a concept! You pay what you feel is a good price or you don't buy! You can only achieve this by researching the market, establishing a strategy to follow and then implementing your plan by offering to buy a property. This is the rational approach to the market. To stay out until prices go up is, well, WAITING FOR GODOT!
Keep 'er steady.