We didn't buy because we wanted to be sure we would be happy first. All the articles about the 'crash' seem to be about a reduction in the rate of increase. However, having seen a couple of real crashes in the US, I know what happens to some people.

It doesn't matter very much if you are happy with your home and intend to keep living there, and can afford to. It only becomes an immediate problem if you are forced to sell because of a new job, losing a job, or some other external problem.

If you don't have much equity in the house, you are trapped. Instead of just losing equity, you actually acquire debt as the house value falls. I know more than one couple who had to pay money at closing to get out of their house, because they had to sell for less than they owed.

If you have a lot of equity, you can take your losses and run, but only if you haven't been counting on that equity to fund your retirement or your next house.

Rents tend to fall, as people with houses they can't get out of try and get some income from them while they downscale. The number of places for rent goes up.

So if you want to buy, go ahead. I think you should rent for a year, then buy. Once you are sure you will stay long term, buy, and don't worry about the ups and downs unless you end up in a place you can't afford.