Everybody looks at their purchase of real estate as an investment. There are shows dedicated to telling you how great the tax advantages are of owning property and writing off mortgages as opposed to paying rent. Naturally, when an investments value falls, so does interest in that asset. I assert that waiting to see the bottom means you lose out on the best part- owning a home!
Buyers need to appreciate many of the non-monetary values of owning as oppsed to renting: planting your own garden, painting the house colors YOU like, learning how to fix clogged toilets and pipes yourself to save money and learn a new skill, or even add your own personal improvements around the home. It requires moving beyond the investment aspect of home ownership and really feeling like you are enjoying a part of your life.
Pretend this piece of real estate is like your car. You bought because you wanted it and you maintain because you want to keep it for a long time. As long as you qualify for a mortgage- go for it! Feels what millions of American families feel everyday- pride in ownership! Make a little piece of Maryland, Virginia, or DC yours to keep for as long as you like, and make your impression on the neighborhood.