Joanna, great question, it is what I call a "timeless" question. Many first time buyers are asking this question. Seasoned buyers, investors know the answer. Interest rates are at a 60 year low, prices are at 2003 levels. The answer is clear. The reality is people have a "heard mentality" they generally buy when "everyone else does" the savvy buyers buy when the opportunity is there. The real question is why do you want to buy? If you can answer that then everything else falls in place. My advice is you should buy so you get rid of your "Landlors" and have a place that is yours and insures that your "cost of living" (what was your rent) remains a constant not something that is open to annual increases.
If you want more advice feel free to reach out to me at homes@endrebarath. com or call me on my mobile at 310.486.1002. Warm regards, Endre