If you don't have to sell, wait. The next year will be tough. A lot of people who were just selling because the market was so inflated will just decide to stay. But, the people who have to sell for a variety of reasons will take the worst of it.
If you follow the real estate prices in MLS you'll see a lot of people still haven't realized that the trend has turned. I've seen side-by-side pretty much identical properties where one is 40% lower. Worse yet, neither is selling.
But remember the secret to success is buy low, sell high. Buying low is the hard part, it's tough to get in a market while everyone is running away.
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