Interest Rates vs Economical Downturn

[Tim Rogers]

Is it best to buy now or wait for the bubble to pop? 

Interest rates are at a record low and in many metro markets like NY, SF, LA, real estate prices are at a record HIGH. 

Is it best to buy now and take advantage of the extremely low interest rates or wait for the bubble to burst and buy real estate at a discounted price but likely at a higher interest rate?

Everyones input would be beyond appreciated. 

Thank you all.