So the wait until things cool off option might not pay off, said the Lusk Center for Real Estate at USC.
"No housing bubble is going to burst and prices are not going to suffer a precipitous fall," the center said last month.
Delores Conway, director of the center's Casden Real Estate Economics Forecast, said that the market will continue on its current course, at least for the near term unless there is some unexpected shock to the economy.
"We have much less land available, the supply is really limited right now and we have more people," she said.
But anyone getting into the market must be comfortable with their monthly mortgage payment.
And buyers should carefully analyze which mortgage product they will use because a wide range is available.
And special care should be taken when choosing an adjustable because those rates are getting close to fixed rates.
"We would encourage everyone to go first for a fixed rate mortgage if possible because the difference (in rates) are not as great and there is no need to assume that risk of mortgage rates rise," Conway said.