I'm waiting for the price to drop....

Steve, houses are a dime a dozen. There are a lot of comparable houses for sale that can be bought at a later time. That means no one house is super special creating an urgent need to buy today.

If the seller is asking $250k and I think it is worth $125k do you really think the seller will accept my offer? I doubt it. That means waiting is easier and will pay off compared to going through everything required today to make an offer I feel is fair based on historical pricing standards.

Will you push the sellers agent to sell for half price when I can show they are overpriced by historic standards even though that is half of what the CMA's show the price should be today? If not you are saying I should wait.

there is balance.  if you're willing to wait that's great.  but it's the ones that get upset because they don't find a house because they have unreasonable expectations of how negotiable a price really is.
nothing wrong with waiting.- just don't complain about missing out because of the waiting.  I'm happy to wait on some things and miss out.  Other times, waiting just means paying more later.  it's situational.

I had a listing not long ago where the price had no room to negotiate without making it a short sale, buyer came with an offer that was too low, seller was willing to walk with nothing, other agent and I worked together to cut costs to see this happen so seller could counter with something, buyer "waited" cost difference was 1% of purchse price.   seller decided to rent it out and pulled it off market.  - a week later, same buyer called ME directly wanting to know why it wasn't for sale and was upset that we didn't call and beg them to make another offer before putting it up for rent.

while there is not an urgent need to buy, and there are plenty of other houses, for whatever reason..the buyer wanted THIS house and mistakenly thought they could pressure the seller to take a loss.  There are PLENTY of people that want to rent right now, so it's an option for the seller and they can take it.  that's when it didn't pay to wait- that price is not going to drop.  seller was not distressed.
all the talk of it's a "buyer's market" people seem to think they can expect sellers to take a loss when sellers have other options. 

I waited out one, refused to go up, found another house I liked better and paid more but got a better quality construction, better location so it was worth it to wait.  Just wait for a reason, not because someone told you what kind of market it is

There are areas of the country and areas in cities that are experiencing bidding wars or stronger prices. Priced well, a home will attract several buyers,unique homes, well staged homes all take themselves out of the  'dime a dozen' scenario as suggested above.(as we are discussing price its not necessary to state, well priced homes)
There is not much a buyer has to do to bid on a home, the work is on the agent,(two hours worth in most cases)
So if  a buyer thinks its worth less, then they should go ahead, and throw out a bid and find an agent who has that kind of time to waste. 
Good thoughts Steve

If at least half of the Real Estate Buyers in the U.S. behaved rationally, we wouldn't have Zillow to waste our days on. To most wannabe Homeowners, "WAIT" is a four letter word, and indicates the exact opposite attributes of their Agent, that it would to Dan the Country Statistician!