Trying to predict macroeconomic trends isn't really the best way to make this sort of decision. I would just do a cash flow analysis and figure out how long it's going to take you to get back your initial investment and start earning profit. If you're worried about the market, just run a few different scenarios.
Also, what are you going to do with the house? If you're planning to live in it, then resale value won't mean that much. If it's an investment, even if sale prices drop, the house still has rental value.
Also, what are you going to do with the house? If you're planning to live in it, then resale value won't mean that much. If it's an investment, even if sale prices drop, the house still has rental value.