My answer would be to buy when the timing is right for you rather than trying to time the market. Even the experts can't predict what the Lake Havasu City market will do in the next six months. Many of them do agree though that the super low current interest rates won't last forever.

Suppose you are a buyer and you are thinking of holding off buying now in hopes of the selling prices getting lower. If you went ahead and bought a $200,000 home now and got a 90% thirty year fixed rate loan of $180,000 at 4.5%, then your monthly principal and interest payment would be about $913. Now suppose you think the prices may go down and you hold off on buying your dream home. Say the selling price of the home does go down and has now dropped 5% to $190,000 but the interest rates have gone up to 5.0%. Now your 90% loan is $171,000 and your payment is $918. Wait a minute, the price of the home went down $10,000 but your payment is $6 higher! What if you waited and the home didn't drop 5% but instead stayed steady at $200,000 but now, the interest rate has gone up to 5%. Now your payment has gone up to $967! You get the idea plus if you are presently renting, you have collected several more rent checks (with no tax benefits) while trying to time the market.

Sellers: The above scenario could apply to you also as you are probably going to buy something else when you sell plus your present home may have gone down in value along with the one that you waited for.