Real estate runs in cycles like many other things, and we have been in a down cycle for over 2 years now. The prices are at the lowest they've been in 5 years. I feel we are very close to the bottom if not already there. Yes the prices could still go lower however, with inflation concerns, the interest rates most likely will go up. We have already started to see an increase. Even if you were to wait for the prices to go down, the interest rates will probably be higher and your monthly payments will be the same if not higher than if you had paid a higher price at a lower interest rate. For example if you purchased a property today and the mortage was $200,000 at 6.5% your payments would be $1,257/month. If you wait and and get the property at a lower price and the mortage is $190,000 at 7.5% your payments would be $1,320/month. Even though you purchased the property for $10,000 less, your monthly costs would be higher. Don't be greedy. Waiting for lower prices might not be the best deal. Now is the best time to buy.