Santa Barbara Market--Best time to buy?

Here is a quick market update:

Santa Barbara real estate is not like the other markets in California. We aren't seeing prices softening any more, but holding stable at a nice low bottom end. We are seeing quite a few multiple offer scenarios, both REO and non REO, more so than any other part of California that I know. All signs put to the next 6-12 month window as the best time to buy. If prices to continue to soften, it won't be more that 5-7% scenario best (or worst depending on how you look at it) case scenario. If interest rates go up, that will more than offset any potential advantage of waiting.