I'm not a MMM pro, but I live in Ventura County and I would say rent. Not sure where in VC your job actually is, but the area is very "pocket-y". You may like Ventura or Camarillo (I wouldn't suggest Oxnard), but both areas have a of old vs new areas & pockets of good & bad. Or if you're on the east side of VC, there is Thousand Oaks, Simi Valley, Moorpark, but costs/quality vary slighty. It takes awhile to figure out where you'd really want to be and get a feel for the different cities.
And yes, I would say we're in a bit of a bubble. It's slowing down, but nothing has really dropped since it started its climb in 2013. I wouldn't buy right now unless I found my dream house in my dream neighborhood. Depending on the neighborhood, it could potentially be cheaper to buy than rent right now, but I'd still suggest waiting to see where you like.
If you have anything specific you want to ask about the area, send me a message. =)