I believe this is now one of the best times to buy property in Southern California. The prices are low, the interest rates are low, and sellers as well as banks are ready to make a deal. Anyone that is waiting for the bottom will be too late because now is the time to write an aggressive offer and get it accepted. If buyers continue to wait it may cost them in leveled off prices and raised interest rates. If you are thinking of waiting 3 months for prices to drop, just write an offer now for what you think the property will be worth in 3 months and secure that home. Even if you have to sell your home low in order to buy your new home low, that is OK because your property tax will be low too.