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My wife and I are renting, after 25 years of home ownership. Renting is a choice we affirmatively chose. Mentally we are open to the idea of renting for several years, for example five years, or longer if needed. We are early empty nesters and have options now, that we didn't have a year or two ago.

Keep your powder dry.

Asset prices are high. Don't buy now. Unless you have special knowledge, the average consumer will pay a high price for real estate. If you stumble into a sweet deal, go for it. The definition of sweet is subjective. I categorize myself as an average consumer, from a real estate point of view.

The real estate market for primary dwellings in the $100k-$250k price range is smoking hot in the midwest. Homes sell the day they are listed for slightly higher than asking price. Too hot for me.

I am waiting for the market to definitively soften. I might be waiting for a while, because the consumer is healthy, interest rates are low, and the economy is generally strong. Automotive sales are softening, but I don't see that affecting the broader economy.

If you have cash burning a hole in your pocket, pour it into a balanced portfolio of liquid assets. Get some financial advice on your options through your employer's savings custodian companies (e.g. Fidelity, Vanguard), friends, family, etc.