What’s important to realize is that as a first time buyer, your goal is not to make an investment, but it’s to change your numéraire. Basically, once you own y

What’s important to realize is that as a first time buyer, your goal is not to make an investment, but it’s to change your numéraire. Basically, once you own your house you are no longer at risk with regards to the overall housing market. It may crash, and yes you will lose some dollar-value, but so will other houses, so you will still be able to sell/buy another comparable house. If you don’t buy however, You may buy a better home in a few years (if there is a crash), but if the price continues to go up, you may need more money to buy the house you could buy today...