I really want to know what the crash will look like for them and their counterparts. 

Even in a full market crash, real estate has value, stocks can go to zero.  

Good deals on the MLS are few and far between and, as you've seen, they get into bidding wars rather quickly.What most REIs tend to gloss over is the impact of the crash.

Now the market crashes, and they can't get out, dropping their price every 2 weeks, until they are back down to where they started.Don't confuse  realized gains, with unrealized gains.Matt

He lived in a house but rented out he individual bedrooms while he crashed on the couch.  

In Tampa we see this huge wave of building since the 2008 Crash.

I worked as land manager for one of the largest home builders for three years just prior to the crash, but was only responsible for property due diligence, and construction of roads, utilities, and site work for large projects; not individual single family home rehabs or individual / small scale new home communities.  

Interesting you said that, I was thinking to myself earlier today "I hope the real estate market crashes soon so I can buy up a bunch of properties on clearance!"

Oh and I didn't see the part where you said wait, to save more money absolutely not, buy now trust me buy now and later keep saving find that deal leverage your self now that market is hot price are believe to be high but I was a Analyst for 6 years during the crash and my 2 cents they gonna get higher.

The first one that I googled was VTI at 0.05% expense ratio, while returning 228% since the crash in 08, or if you include the crash it's 75% over a 10 year period, not counting it's ~2% per year dividends.3.