As a buyer you just have to ask yourself...how much better can it get. Buyers and Sellers for that matter have been asking my agents if we are at the bottom of the market.
I think we are "within" the bottom. Don't know if that is going into or out of the bottom (won't know that until we look back after six months) but we are certainly within the bottom. Buyers who wait are faced with the likely hood that they will miss the bottom and loose because a jump in .5% will offset any further price drop. Chances are in 6 months that rates will be higher than they are today.
Bottom line, if you want to gamble, go to Las Vegas. This is not gambling. If you are going to own your home for the next 5 years or so this is an investment. Remember....I'm a big believer in flipping houses.....the slow flip.....buy, hold for 4 to 6 years then sell.