The thing for me is that you have to look at it the way that best suits you. Not everybody buys a house as an investment; many just want a place they can call their own. A place they can paint and decorate to their tastes, and can raise a family and then become empty nesters in that same house.
If you plan on living there 10 years or longer, then in the grand scheme of things it doesn't matter when you buy. I bought my house with that in mind; that I wanted to live there forever. So the fact that I could have sold 18 months ago for $60K more than what my house is worth now doesn't affect me. The only good point is now that I am looking at refinancing my mortgage I happen to have buckets of equity in the place.
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