Is now a good time to buy a home?
My advice is if you are ready now, then now is a good time to purchase a property. Waiting for the house you want to decline in price until it is below present market value does not often pay off. It is advisable to purchase the house you want, when it is available.
In fact, with interest rates as low as they are now, chances are that any significant downward changes in the price of real estate will be accompanied by an increase of interest rates…so your payments would be about the same.
Even if housing prices do fall, remember they will rise again before the average mortgage term is finished (25 years). So get in now and be prepared to love the house you own.