Chicago real estate prices too high?

[Syed Lateef]

All,

I wanted to get peoples opinion on real estate values in Chicago being to high and it might not be the best time to enter the market to purchase my first investment property.

I see prices close to pre real estate bubble values  from 2007 (IMO. unless someone can prove me wrong). 

I wanted to hear what your opinions on this. Should i wait for another decline in the market before i buy my first property?