Should I ride out the current market?

[Account Closed]

I am looking to buy my first home in or around Los Angeles, CA (primary residence first, investment properties later). I understand home prices have risen and speculation shouldn't be my sole consideration on buying, but from both a home buyer and and investor's perspective of view, I hate to buy at the peak of the market (well, I don't know if we are at peak yet but I know prices have risen). 

Yet at the same time I think I will likely be keeping this property for a long time (10+) years, and may decide to hack it and rent it out when we move on to bigger and better things ;) And in the long run the market will go up even if I buy at a previous peak. 

I am torn between riding out the current market and buying. What would you do if you were me? I have a full time job and can get traditional loans, also have enough saved for downpayment.