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Advice: first time buyer, good or bad time to buy? (Los Angeles)

I’m a first time homebuyer and have been looking for about a month or so. I made one offer ( with 30% down) about two/three weeks ago and was outbid by multiple offers and some with cash. However, things have changed a lot in those few weeks. Three weeks ago, there were a few hot properties with as many as 22 offers as it is/was indeed a very competitive market. My sense is that it has (obviously) cooled off a bit since then. I have also seen properties go back on the market although I’m not sure how much of that is normal.

Is this a good time to buy? Since there may be a lull in the competition. Or should I just wait it out a few months? Everything I read ranges from depression /recession/ deflation to everything bouncing back to normal end-of-year.

submitted by /u/Hollywoodsbaddest
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source https://www.reddit.com/r/RealEstate/comments/fs417j/advice_first_time_buyer_good_or_bad_time_to_buy/
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