The disadvantage would be buying a home in a market that has not bottomed out.
So my best advice is to study your market, talk with some real estate agents to find out what the market conditions are in the area you want to buy.
This can help you decide when it is time to buy. Also it may help you to find out if you can look forward to property appreciation rather than depreciation. The last thing you want to do is buy a home in an area where property values are still dropping.
I'm not sure if this is what you were looking for, but hopefully I provided you some food for thought.
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