Does buy and hold make sense when values are at record high?

[David Falk]

I’m just beginning my RE journey, but I can’t get over the feeling that it’s a bad time to buy and hold. If real estate values are at an all time high, would buying to hold and then refinance ever make sense? Values will likely be significantly lower in a few years, so it’s not like you’re missing out on equity growth by waiting?

Perhaps this just means flipping or short term rentals is the way to go at the moment. Any insight would be helpful. Thanks