It may have already happened!
Years ago while talking real estate with a friend (before I was in the business and another real estate cycle), they said to me that they were going to wait til the real estate market hit bottom to buy a house. I asked them when they thought that would be and how would they know when that has happened. I sincerely wanted to know because I want to be ready too.
I've been doing this for a while now and I now have the answer to that question and the answer is.......when its already happened.
Ponder this........Back in 2006-7 when rates were around 7% a $100,000 mortgage could be as much as $300-$400 more a month then than at today's rates for the same $100,000 mortgage. That's over half of what most people are paying for rent. That's right... it might be possible for you to own a home for around what your paying for rent including the taxes and insurance. Now I am not a lender, so I encourage you to talk with a lender to run numbers because every property and transaction is different (referring to needed savings, down payment, taxes, and insurance).
My job evolves around giving good advice, helping people be successful and make right decisions. What I am getting at is, there may never be a better time to buy.
Educating yourself is the key to overcoming most fears. Find out about the process and what its going to take to get you there.
Preparedness + Opportunity = Success
Have a Great Day!
Daryl Short Licensed Real Estate Broker