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Don't put your life on hold waiting for the bubble to maybe burst. Yeah, if it bursts after you buy, that sucks, but life is 20/20, and for something like a house (assuming you want to live in that house for quite some time and perhaps raise a family there) go for it. The whole bubble cycle will come back around again like it always does.
So what if it doesn't burst in the next 5-7 years. That's 5-7 years of rent money vaporized into thin air that you'll never see again and that you have nothing to show for. That's 5-7 years of mortgage payments, even on an inflated house price, that you could have paid.
I'd rather make a mistake in buying an overpiced house, and wait for a new bubble to begin, rather than throwing away money. We can't look into the future so we're bound to have some regrets. But it's not all that bad in the big picture sometimes.
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