Vanilla

You're always fighting a battle on three fronts; prices, interest rates, and loss of equity. You're bound to lose two of the three by waiting.

In other words, you may win a battle by waiting for the market, but you won't win the war. If high prices don't get you then high interest rates will. And, if you wait 5 years for the market to turn (like many people are doing right now) you'll lose out on 100K in equity from mortgage payments.

But what do I know...