The Housing Market forecast has predicted that the average home price of homes in California will rise by 2.0% in 2011. With that being said, the mortgage rates will increase also, not by much. However every bit adds up when it comes to financing over a 30 year period.
The best time to buy is the current, too many people are stuck listening to the media. The media is taking an average of all of the 50 united states and putting them into one category. The Los Angeles market is much different than any other market in the country.
Los Angeles is a market that always has people moving into the area and moving out of the area. With one of the most populated cities in America and the 14th Most populated urban city in the world. The real estate market must continue to move in order to keep up.
With that being said, the market is the market. And if you wait on something that may or may not happen, you could loose out on a market that will not always be so easy to take a bite out of. The higher the market continues to rise, the higher the interest rates will rise, and there for the more money you will need to put down.
Do what works best for you, that's the only advice anyone should be giving regarding real estate. If a situation makes sense to you, then it probably is a good decision. If the media is where you are educating yourself, then you might want to do a bit more research on the Los Angeles real estate market. We are a different animal!