If you have the money and don't care about interest rates, then definitely WAIT. Real estate may have intrinsic value, but California (and the bubble) isn't built on bricks rather it's delusions. The price of a house in Los Angeles is just insanity. I know someone who got a great deal on a house in the Hills during a real estate recession and I couldn't imagine what it is worth today.
You
don't buy when things are good and sell when they are bad! You should try borrowing someone else's house, sell it now, and then have them buy it back from you in a few years.
