If prices are rising 20%/year then all you need are 3 years of gains to come out ahead even if the bubble bursts. Each year that passes in which prices rise and the bubble does not burst means you're one year closer to crossing the point at which even if the bubble does burst you will not lose money.
It's easy to lose perspective that in-between crashes there are gains. So the accumulated gains matter more than the endpoints. https://greyenlightenment.com/2022/02/28/the-ignoring-the-mi...
Waiting for the bubble to burst, whether it's stocks or homes, often means missing out as prices keep going up year after year. Even if the market does crash, you will never get a chance to buy back at the price your originally wanted to buy at. If you didn't buy a home in 2013-2017 because of bubble fears, even if the market does crash, you will not be able to buy at those prices again. To quote the Superbowl FTX ad, you did miss out.