Should I buy now or wait a couple of years?

[Alex Silang]

What do you think? Interest rates are very low right now. However, the newspapers are saying that it's almost guaranteed the Fed is going to raise rates next year. That could cause a decline in prices. 

If you buy now, you might get a decline in value in the short to medium term. You might not be able to do a decent cashout-refi for awhile. A couple years in the line, you might be in the red. That means you're subsisting on rental profits, which probably aren't great right now due to a run up in prices in many areas. 

Just curious to hear everyone's thoughts.