Those who have been renting for years waiting until the prices have adjusted are not reacting
the way they should at this time, but the way I have expected they would act. Now that prices are way down they will tell you they are going lower and they are going to wait until they hit the bottom. In the 1990s I had several clients who kept waiting for the market to crack in Southern California and eventually gave up and moved to Texas. Chalk it up to human nature. When the golden opportunity arrives most people change the equation instead of acting. Therefore they never have to worry about moving to soon and generally moving to take advantage of their dream.
My suggestion is for all who doubt what I say, or for all that really want to act and can't, go on line and get the history of real estate in their area or the area they want to consider and study what has happened. Nothing can work better than knowing what has worked in the past and trying to decide if it will work in the future. Your future is in your hands, not mine, and I beg you to get moving so you can take advantage of what has been given to you: a terrible real estate market, temporarily.
If nothing moves you to action at least take notes and record your thoughts and wait. If you have it in writing, your writing, and miss the opportunity you at least have a point of reference for the next time the stars line up and opportunity comes a knocking. Because the next time your only debate will be with yourself. And that should really be interesting.
What will you tell yourself happened? Will you say you weren't ready, because you won't be able to plead ignorance? Will you say you were too busy making a living to really make any significant money? If you think hard enough about your future discussion you may not have to have one. This could be the catalyst that gets you going!
That's all the meddling I am going to do today. The future is yours and I wish you luck!