Having lived through a housing crash, and long before that a time of much cheaper houses.. I would say wait and see.
One of the reasons why people freak out about the prices of homes is there is often pressure to get one right now. I am moving, I got married, I had a(nother) kid. These are reasons I bought a house in my life and in retrospect I can tell you I did not need to buy a house.
In your life it's hard to make a decision on the time frame of house prices (or even market cycles). I am not sure how to tell someone maybe they should wait five years. But clearly sometimes that is the best thing to do.
It does not make a lot of sense for homes to sell for so much more then they can rent for. It happens all the time but it is not sustainable. It also happens that their are housing shortages but they don't last forever. People build.
One of the reasons why people freak out about the prices of homes is there is often pressure to get one right now. I am moving, I got married, I had a(nother) kid. These are reasons I bought a house in my life and in retrospect I can tell you I did not need to buy a house.
In your life it's hard to make a decision on the time frame of house prices (or even market cycles). I am not sure how to tell someone maybe they should wait five years. But clearly sometimes that is the best thing to do.
It does not make a lot of sense for homes to sell for so much more then they can rent for. It happens all the time but it is not sustainable. It also happens that their are housing shortages but they don't last forever. People build.