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So in this scenario, IF I am looking to buy a new home from a home builder, it's better to wait 6-12 months for the market to slightly slow down with the upcoming interest rate hikes in 2018 correct? Resale homes will maintain similar to peak demand through the higher interest rates but newer...

I am looking to purchase a home in Irvine that is 2500 sq. ft + between $1.2 million - $1.6 million. I have looked at areas in Orchard Hill both the Grove and Reserve and although location seemed desirable, the homes seemed quite overpriced.  Also, with rising interest rates through 2018, how...