Housing Boom or Bust Depends on Perspective

Am I heading into a buzzsaw by entering the housing market at this time? Despite everything I've read that suggests such a possibility, I don't think so.

This morning I started reading an article in the current Kiplinger's Personal Finance magazine that suggested a pending slowdown in the U.S. housing market made it a tough time for entry for many buyers. But the article, at least the first third, focused on speculators, not buyers.

I am a buyer. The next house I plan to purchase is for the long term. I want it to be a place where my family can grow and enjoy living. I want it to be near work and relatives. I know it won't be cheap (I live in Jersey). And I know interest costs are rising. But prices and rates don't bother me. Prices, while seemingly high now, should at worst only moderate their growth and at best continue sharply upward; even if they crash, a long-term outlook should mitigate my pain. And rates remain historically low and even if they rise before I am able to lock in, there could be the chance to refinance down the road.