There are some warning signs on the horizon. While I am not suggesting you shouldn’t buy a home, I am suggesting you buy it because you want to live in it, and hold it long-term. If you are buying an investment property, buy if for the cash flow and not the hope of a quick buck.
Real estate has averaged a 4% plus return over the last 40 years. Using history as a gauge, buying and holding have always paid off. Avoid bidding wars and pay what you think is the right price. Be patient!