I've only been here for 1 year, so I am in no hurry. But, for the people who think real estate can appreciate at 20% a year continuously, I would have to remind them that people said the same thing about stocks in the late 90's. I don't expect anything to crash, but there is no sense buying into a speculator's market. That's just basic investing. With 125% loans at adjustable rates, some people are going to get shook out if any little thing goes wrong. I don't want to be one of them. Also, considering that you need to commit most of your salary to get into anything, you won't have any other investments, so you do have to look at it as a serious investment. No risk, no gain, but following the herd is a good way to get slaughtered.
I know this may sound archaic, but I kinda prefer the "pay a significant, but not all consuming, chunk of your earnings for a place to live, pay it off in your early sixties and enjoy your 401k, pension, and whatever they can return to you from the SSI deduction stolen from you over 45-50 years, without having any housing expense" plan.
But I'm kinda of an old fashioned fuddy duddy.
bttt