You are not insane. Personally I would not recommend to make the purchase based purely on the thoughts that the market will depreciate. However you have other reasons for wanting to buy.
I do not believe that in the next few months you will find a 3000 sq ft home in 4S for 650-700k but ya never know.
I am sure even the most bearish of posters here has no clue as to why there are so many people like yourselves, who are looking to make that purchase and who indeed will make that purchase. It pretty much drives them crazy. People do not seem to fathom that there is demand out there for this type of housing.
