I have seen wealth generated my whole life by my parents and in laws on their real estate decisions. You have to live somewhere, try to buy if you can afford the payment. Most of the people today heading into retirement, with the possibility of not much social security, have huge sums built up in equity in their homes. Building wealth through real estate, has been a reality for decades, only the last couple of years has it been a little more risky, and only in a few places in the nation.
Real Estate is a long term investment.
Not exactly true... BUY, but only if you plan on owning at least 5-10 years. Yes, yes, I know in boom times we have seen prices go up in some markets insanely in 2-3 years.. however this is NOT the historical norms.
If you aren't planning on staying more than 5 years, you are taking a very big risk in buying. Appreciation on average over 5 years is usually more than enough to cover the cost of the sale of the home plus what you paid for it. Anything less than that on average and you are taking a huge risk of being underwater when you sell.
Real Estate is a great investment strategy LONG TERM... those that look at it with short term greed sooner or later find themselves burned. Skyrocketing markets cool, expanding markets contract etc etc etc. If you buy a house today with short term aspirations, you better be buying it WELL BELOW ITS VALUE TODAY! If there isn't money/equity on the table the day you buy.. don't buy.
Price is what you pay, VALUE is what you get.