This is the #1 questions I get every day in Real Estate.  To be honest with you, nobody knows for sure.  Unfortunately, we will not know for sure until six months after the market has bottomed out.

Are prices going to go lower?  I do not know.  But as I told someone the other day – you are not buying a mutual fund of real estate properties, you usually only buy one or two specific properties.

My advice to a buyer is to find the property you like, negotiate the best deal you can and act NOW.  Could you buy that property for $10,000 less six months later – maybe you can, maybe you cannot.  But if you like the property and it fits your needs, I think that in the long run you are going to be better off. 

Only one person picks the bottom and nobody knows when that is going to be.  I do know we have an excellent inventory of great priced property and now is a good time to buy.  And yes, it could be the bottom.