Buying at top of market or waiting? ALASKA

[Wade Stahle]

Here in Alaska the market has been booming for a long period of time. I have been very eager to buy my first rental but the the price of oil being so low will for sure cause our housing market to experience some type of depression. I am 23, my question is should I wait for the market to go down which could be a year or more (or maybe never) or buy now even though I may lose some equity?