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Buying in an overpriced market

SO and I want to buy a plot to build, because the second hand market here is as expensive as buying new. However, the price of everything is rising dramatically: in 10 years, everything has doubled or tripled in price, both plots and houses.

We're compromising on both location and size, and we're worried of missing a better chance in the future due to boggling ourselves down with debt now.

On the other hand, the best time to buy a house has been "last year" since I was in highschool, and we might be trapped with even worse chances if we wait.

In addition, we have to either pay the down payment (full year's worth of salary), which we lose if the valuation is bad and the banks don't give us a mortgage, or pay for the valuation (1k) and risk losing it if anyone pays first because we didn't reserve it in advance.

We have already had the second thing happen once, which could mean doing that is too risky, but at the same time if we do lose the down payment we won't be able to even consider buying for a few more years.

How do we get out of this slump? Is it hopeless?

submitted by /u/sdfsodigjpdsjg
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source https://www.reddit.com/r/RealEstate/comments/1d9danu/buying_in_an_overpriced_market/
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