Rent right now. Save as much cash as possible. Buy later.
Housing prices are too expensive right now, especially in bubble cities like LA, San Diego, NY, Las Vegas, Miami.
Interest rates MUST go up. That will let all the air out of the housing market.
What I would do is take the majority of the cash from the sale and put it into gold an silver. It's very suppressed right now and most people hate it. The US dollar is losing value rapidly.