I didn't read the other responses, but I personally think it is great time to purchase a home IF you can afford it and have a plan in action in order to. If you can get 20% down would make such a big difference because there you avoid PMI and have equity into your home.
And you can find awesome foreclosures right now, or homes that are about to go into foreclosure where they will even be lower. I've seen some great houses I would love to buy and w/ our equity, we probably could, however, we would have such a hard time selling our house as it's a huge buyers market right now.
Just get into something you can afford and even if the prices do end up dropping, I wouldn't be that concerned if you have money into your home because the interest rates are likely to go back up too which would make the house cost more in the end if you waited(unelss you can do like the previous poster and pay cash - kudos to you!).
And you can find awesome foreclosures right now, or homes that are about to go into foreclosure where they will even be lower. I've seen some great houses I would love to buy and w/ our equity, we probably could, however, we would have such a hard time selling our house as it's a huge buyers market right now.
Just get into something you can afford and even if the prices do end up dropping, I wouldn't be that concerned if you have money into your home because the interest rates are likely to go back up too which would make the house cost more in the end if you waited(unelss you can do like the previous poster and pay cash - kudos to you!).
