After buying would you have 6 months worth of living expenses (emergency funds) available? If not, do not buy at this point. For buyers in that situation you should at least wait until a turn in the market is underway.

If you do have sufficient cash reserves after buying, then I would neither buy not or wait a year. I would buy in October. (probably 2008 if you “have to”, but maybe 2009 will be better).