Go with the flow or Avoid the hype like the plague

[Tyler Pearson]

It is no question that we are in the middle of an economic boom right now; everyone seems to be doing well. With that being said, the Phoenix housing market has taken off into outer space; in real-world terms, the market is incredibly hot. Huge shortage of housing, houses flying off the shelves in 10 days or less at full list price. Now, as most people on this site, I am an investor and want to invest in an intelligent manner so I don't end up a bafoon and underwater somehow. Everything that I have ever read about real estate is that when the market is a seller's market, hold out. Avoid buying, wait, stack up the cash reserves, etc. for the catchy cliches that we all use. Okay I understand that. If I do that, then I continue renting and realistically throwing money down the drain (as an investor). I am caught in the middle of whether to continue looking and seriously consider buying, putting in offers, etc. if what I really should do is hold out. If anyone can shed some light or has been through a similar experience, your input is greatly appreciated.

Cheers!