I understand that consumer confidence is down, gas prices are up, food prices are up etc. Real estate values are down, interest rates are still great; how much better can it get? Supply is high, multiple properties are available that will fit a buyer's criteria, the choices are many. What if prices trend down a bit more, so what! What if interest rates go up. There are so many factors to be considered when purchasing a property. There is an old expression that says, "He who hesitates is lost."
The mentality is like that of a gambler who just won a big jackpot but gives all his winnings back to the house thinking he is going to win a bigger jackpot. When the supply drops the demand will take prices back up. Strike now!