Devils advocate here.

@Brent Kawakami for sure lets connect when viruses blow out of DFW.

Just to play the devils advocate, In Baltimore there is no financing available.

If you read the BP book on estimating, it certainly didn't advocate estimating based on square footage...  :-)Just like the book recommends, put together a detailed scope of work and budget from there. 

So those that discuss going back to the feeding frenzy are referring to a frenzy that still resulted in a lower monthly payment than you would be paying today (there has never been in this country a higher monthly payment than today for high LTV purchase).Many of the responders who advocate buy now have never not advocated buying. 

@Jason Middleton In most cases I would advocate for purchasing a separate primary home since rates are so different right now. 

"I want to work with you...if you move out by X with no damage I will return your sec. deposit" etc.Not advocating going right to this but again, you want them out.

Not that I'm advocating debt but there are small ways to extend your assets until the returns start flowing.

That blows away anything with a cd etc.Stocks and bonds some of my clients have liquidated millions of dollars and put into real estate.

I am not advocating to buy it but market sets the price and Utah has become more expensive so if you want to own in Utah to get the 1% rule you will need to be looking for heavy lift value add type properties.