Dont Let News Of The Market Frighten You
I am also in the metro area. Yes it is clearly a sellers market with outrageous prices. After all the yearly appreciation is between 20% to 30%. In the Non-conventional way we are blessed because we know how to invest and where to look for deals. They're everywhere! Even in a down market (here) we would still make out like bandits.
So....do you have money to invest? Do you have good credit? Have you joined your local investment club? Did you put out bandit signs, run ad in paper?
If you have the drive to succeed....you will no matter what is going on in the world!
Good luck! 
So, what is your strategy? I am curious..I also live in a metro area in the STL metro area. I look forward to hearing from you.