I thought about waiting but theres a strange situation going on in the local market, properties are still selling well at good prices. Yet you can pick up some repo's or other distressed sales for aboue 60% of what the mortgage company values them at, which I still think is a good deal.
In my area I think the bottom will be -10 to -15% at the bottom. One thing for sure is that you are not going to suffer all the much if you step off the market, which we haven't seen in years.