I've been thinking about this and the problem I keep circling around is that basically everyone I know says the exact same thing (waiting for a housing market drop so they can buy in). That implies that the latent demand in the market is huge and any price drops will immediately be gobbled up by an army of millennials who've been waiting for their chance. The question to me is if there are more homes existing owners can't afford anymore or more buyers with enough money to pick them up when they drop a few percent.