Should I wait for the market to cool off?
If we look at house prices in a historical manner, we can see the prices continue to rise. The people who get hurt when prices drop are the people that have to move. Whenever we have seen prices drop on the past, usually within 5 years they have come back to the level they were at, and surpass it soon after.
Combining housing prices with mortgage rates, waiting for the market to cool may mean waiting for interest rates to rise. Higher interest makes a larger mortgage payment, one that may even offset the savings in the price of the home.
Everything has a risk factor to it. Stating opinion as fact would not be right. There is no defined or right answer, but the costs of borrowing are at an all time low, and if you plan on living in your home long term, there may not be a better time to buy than now