I would just jump in if I were you. Prices are already favorable. I don't personally view a primary residence as an investment, and so I'd rather be paying my own mortgage rather than some landlord's mortgage. The sooner you start paying down your own mortgage, the better (imo, of course).
If you wait a year and you save let's say $20,000 due to price drops on a home, but you've spent $18,000 on rent during that year, what have you really gained? You lost equity at the very least.
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