[quote=4sranch_buyer]… I pay rent of $2000 per month, waiting another year is like spending $24000 on rental which can offset up to 5% fall in the prices.[/quote]

Not quite the right way to think about it. You’ll pay interest on the loan (reduced due to tax deduction), and you will lose interest on your down payment, and you will have maintenance costs, and you will probably do some remodelling, relandscaping. Make sure you calc it right.

Tough decision. I’d wait at least until the Spring season is over to find a friendlier buying environment. If you wait 2 years, you won’t be disappointed price-wise, but you may go crazy wishing you had your own place.