The U.S. housing market is on an absolute tear. Month after month, prices break new records. Sellers are ecstatic. While buyers can revel in mortgage rates near all-time lows, that’s about the only upside to shopping for property in this market.

If you’re considering buying a home now, the soaring prices raise an obvious question: Should you join the bidders who are pushing prices ever-higher?

Some, like Desmond Lachman, a senior fellow at the American Enterprise Institute, urge caution. He says the Federal Reserve’s move to slash interest rates during the coronavirus pandemic has inflated everything from home values and stock prices to cryptocurrencies and collectibles.

“If you buy now, you’d be buying at the top,” Lachman says. “It’s not just the housing market but it’s all these other markets that are in danger of tanking.”

Ken Johnson, a real estate economist at Florida Atlantic University, is similarly skittish…

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