I think the price rises are going to slow, but I don't think prices will go down much in the next year because there is still low inventory. We'll need a lot more inventory to come from somewhere to force prices down.
Well, if you can find a deal that is at least 10% below the present market value, i dont see any reason for waiting until next year. With that amount of leverage, i believe you are somehow protected for any future drop in the market value. That is, if the market will drop by 10%, what if not?
Buyers always want to look for the bottom of the market to get "the best deal" but in all reality, an average homeowner lives in a home 5 years. If you are looking to buy a home and then instantly make money on it, you are really looking as an investor and should look for cashflow which wont apply to a primary residence.
You could wait a few months and see if prices do come down or if you like the home, negioate a price you are happy with a month and can afford. If you think you will move in less than a few years then I would say continue to rent.