Investing in overpriced markets

[Scott Huff]

I am looking to do a house hack in the Tampa/st. Pete area in the next 4-9 months but have been watching supply and days on market steadily increase and asking prices drop on a weekly basis. I have been able to find deals in the current market using the BP calculator that fit my buy box, but when I see that homes in that area are estimated to be ~30% overpriced and am watching in real time prices drop it leaves me unsure what to do. The main worry being that a good deal made today may not be a good deal tomorrow. My current plan is to take my time in finding a deal that either offers great concessions  or that can be negotiated down in order to make up for a possible price drop in the future. In summary, any advice on how and when to invest in a market that is not showing a lot of strength? Thanks