Depending on the investor type, today is either the time to buy or the time to wait for the market to hit "bottom," according to John Chang, Senior Vice President, National Research and Investor Relations.

Speaking during his firm's recent industry trends video, he said institutional investors, those operating major investment funds, have told him that they believe the market still has a ways to go.

"They think prices are still going through a correction process, and they believe pricing could fall another 5% to 10% this year," Chang said. "Many of them indicated that they plan to sit on the sidelines for a while longer."

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