Wait for the recession?

[Richard Roberts]

I am looking to purchase my first duplex (which is also my first home purchase) and I was curious if I should wait for the recession to take a hit on the market. I am located in Raleigh, NC so the real estate market here is inflated heavily due to the volume of new movers (including myself). I started thinking how much I would want to kick myself if I purchased a property now but could've waited and got it for possibly ~20-40% less (just a quick estimate). My thought process is that I could wait and get possibly a better property for cheaper but a caveat to that is I don't know how long I would be waiting.

I was wondering what were the thoughts of the more experienced investors who have went through the recession period and their first time buying. I am currently renting and what I am paying in rent would roughly be my mortgage payment.