Do I buy Now or Wait For the Market to Come Back!

Well, here is a good one. I just got a call tonight from a young couple who want to sell their town home and buy a house. They are interested in purchasing a house, because they know they will not be able to afford want they want once prices start going up,or mortgage rates increase. They where not happy knowing they won't make as much on the sale of their townhouse, but I explained to them that the house they buy the seller also will be taken less for that home. I also asked what they thought would increase in value when the market comes back, the 4-5 bedroom home with a pool or the town home, they agreed the house would appreciate more.

I know many people who argued the point that it is better to wait, but do you really think you can time the bottom of the housing market? Once you realized the market has bottomed out, it will be too late, because it will have already started climbing back up. We can not time Wall street. Why do people think they can time the housing market. You know there is a reason they call it a buyers market. Interest rates are low, there is plenty of inventory to choose from, sellers are flexible. If you have the financial ability to buy a house now you are in a great position. Well I would like to hear some comments on this topic. I know it can be pretty controversial, but lets keep it civil.

JohnP