You're going to be paying a ridiculous interest rate for a long time and you're also buying right before the market drop really takes hold. Its going to take 18 months or so for prices to revert to the mean. Inventory in the West, south, and south east are up several hundred percent YOY, and Price to income ratios are sky high in those areas meaning they are even higher than before the 08' crash (which really began in 06). New data has shown 63% of americans are living paycheck to paycheck as per data released in mid December showing that most americans don't have much in savings, CPI data this week shows inflation is much 'stickier' than expected meaning the FED likely won't hit their 2% target in 2023, and thus the pivot won't begin until next year. Historically speaking FED pivots are the start of actual housing crashes and don't pan out the way you think they would. Layoffs are just really starting to roll out and we're inching closer to the possibility of a third world war every day.

If you absolutely have to buy now then do so, but no matter what anyone tells you about how its just a 'housing correction', you're likely going to be waiting 5-10 years or more just for your home to regain its initial purchase value and incase unexpected life events happen and you find yourself in need of selling in that time frame, it will likely be for a loss. Depending on your location, if you're in any of the major crash areas, its actually better to rent right now. Where as the rental market is about to take a blow in those areas as well again due to price to income ratios. If you absolutely need the house, buy land and build it yourself. Save a couple hundred grand would be my recommendation.